Industry figures have been digesting the announcement of government cuts to arts funding.
Many had feared this is where the axe might have fallen at its deepest.
While free admission will remain intact, museums and galleries have ended up with a 15% cut - a 'much better than expected' outcome,
says our arts editor Will Gompertz.
On the other hand Arts Council England - which funds hundreds of arts venues, theatre groups and galleries - will take a cut of nearly 30%, with a stipulation to reduce its administrative costs and only pass on 15% cuts to its regularly funded organisations over the next four years.
The National Theatre's Nick Hytner said it was "dismaying", adding "a large number of immensely valuable enterprises will stop stone dead."
The Arts Council meanwhile predicts the cut to its budget will have "a significant impact on the cultural life of the country".
Here Tate director Sir Nicholas Serota gives his reaction to Wednesday's announcements.