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Business investment in the arts has risen to £120m (2002/2003), up 8% on the previous year, but is still £30m lower than the peak of £150m reached in 1999/2000. The latest statistics, published by Arts & Business, also reveal a dip in the value of business support in London.
Almost half of all business cash for the arts goes to London, yet the value of this support has fallen below £50m for the first time in six years. Across the country general business sponsorship has risen year-on-year by 24% to £67m, though sponsorship of capital projects is down to £6.6m from a high of £46m in 1999/2000. Museums and galleries continue to be the most popular focus for corporate support, having received nearly £22m. Music and drama/theatre followed, having received £14m and £12m respectively. The value of so-called individual giving to the arts is also reported as having risen by 8% to £256m. This figure, however, includes income from charitable trusts and foundations as well as revenues from friends schemes. Legacies, individual donations and the giving of shares accounted for less than half of the total.