Tate and V&A share their art

The new Tate is in a former power station at Bankside, London

Two of the UK's leading art collections are to pool their works in a pioneering new deal.

The Victoria & Albert Museum and Tate Gallery in London are to set up a series of long-term loans between the two institutions as they change the way they display their artworks.

Some works previously seen for free at the Tate will soon be subject to the V&A's entrance fee - but some works at the V&A will soon be seen for free at the Tate.

The agreement helps the institutions prepare for two major developments.

V&A director Alan Borg: "We'll be able to do our jobs better"

The Tate Gallery at Millbank will be relaunched as the Tate Gallery of British Art in the spring, with £32m being spent on building a series of new galleries.

The Tate's modern art collection will be moved to its new development at Bankside, on the south bank of the River Thames.

The V&A is undergoing a £31m renovation programme, which will see 15 galleries transformed to showcase British art and design from the 16th to the 19th centuries.

As the schemes are established, both institutions will exchange major works. The Tate will gain 15 to 20 works by Constable, along with minatures and sculptures.

In return, the V&A will receive works from Hogarth, Stubbs and Whistler.

V&A director Alan Borg said: "It will allow both of us to do our respective jobs better and give more enjoyment to the public."

Tate Gallery director Nicholas Serota added: "These collections are the nation's collections, not the V&A's collections or the Tate's collections."

The museums said they expected loans of up to five years to take place on a regular basis.