Baillie Gifford’s financial support of the biggest book festivals ended after a campaign against its fossil fuel ties. Britain’s arts need more corporate cash, not less

What do Sam Mendes, Daniel Craig, Judi Dench, Ralph Fiennes, Naomie Harris, Phoebe Waller-Bridge and Ben Whishaw all have in common? Well yes, they’re all part of the billion-dollar James Bond franchise. But they’ve also all had their talent nurtured through public investment in arts and culture. More specifically, through a delicate, three-part funding model – a uniquely balanced mix of government investment, box office income, and philanthropy and sponsorship.

This special and particular model fuels the UK’s global reputation as a creative superpower. Yet it is under severe threat. Increasing protests around elements of corporate sponsorship of the arts – most notably last month, when support from investment firm Baillie Gifford for the Hay, Edinburgh and Borders book festivals ended after pressure from Fossil Free Books – are starting to make the sector look too risky for corporate brands to back.

Partnerships ended over the investment firm’s ties to fossil fuel and Israel, leaving nine book festivals including Hay, Edinburgh and Cheltenham in need of funding

Nine festivals that were previously sponsored by investment company Baillie Gifford are now seeking donations.

“Amidst intense discussion around arts funding and challenges to our continued flourishing”, reads a joint statement, the festivals have “joined forces” to “call for increased support”.