Lloyds Banking Group has said that it intends to continue its backing of arts and sporting events in Scotland, despite having recently announced that it would no longer sponsor the annual Edinburgh Festival Firework Concert.
The banking group recently announced that it would not continue as the main sponsor of the event, which draws an average crowd of around 250,000 people to the centre of Edinburgh.
The bank, which was bought over by Lloyds Group in 2008 following a funding crisis, has said that despite not looking to continue to sponsor the event following the expiry of the deal, it does intend to sponsor future cultural events in Scotland.
Lisa Stephenson, head of sponsorship for Lloyds Banking Group, said: “We are proud of the role the Group plays in ensuring that Scotland has a flourishing cultural life, especially in sports and the arts. We are and will remain a major supporter of both the arts and sports in Scotland it’s good for our business and the right thing for our customers.”
Meanwhile, an investigation held by The Guardian yesterday revealed that further cuts in funding, as a result in public sector spending being decreased, were also set to hit all 15 of Edinburgh’s festivals.
The investigation revealed that, with Edinburgh City Council officials ordered to make funding cuts across the board of 12 percent, the festivals are unlikely to receive the level of support they have enjoyed in the past from the public purse, with the Council now apparently speaking to business owners in the city to find new sources of funding.
Most recently, in July, it was announced that Festivals Edinburgh had received funding of £300,000 from Creative Scotland to fund the development of the Edinburgh Festivals Innovation Lab.