National Gallery London saves £2m annually through voluntary staff exits amid £8.2m deficit

The National Gallery in London plans to save £2 million annually through a voluntary exit scheme for its employees, thus avoiding mandatory layoffs. This total includes £1.5 million from staff departures and £500,000 from halting recruitment, which will help mitigate a projected £8.2 million shortfall. In February, nearly 500 employees, including those from the gallery's commercial division, were offered severance packages based on their tenure. To tackle a £6.2 million deficit for the financial year starting April 1, along with a £2 million shortfall from the previous year, additional cost-cutting measures will be necessary. These reductions may affect public offerings, potentially resulting in fewer exhibitions and increased ticket prices. Nonetheless, the gallery's long-term expansion plans, including a £350 million extension by Kengo Kuma and Associates as part of the £750 million Project Domani, remain on track. This initiative aims to ensure the institution's financial stability and broaden its collection, with an endowment fund to manage future crises. The news was initially reported by Arts Professional and later confirmed by The Art Newspaper.