The culture secretary has disputed figures which say that business investment in the arts has fallen by by 7%.

Jeremy Hunt told the Today programme's Justin Webb that philanthropy in the arts has actually gone up by four percent insisting the government drive to increase the number of FTSE-listed companies giving money to the arts "has been a success".

Arts editor Will Gompertz reported that the figure which now stands at £134m has been "going down for four years" despite the rich content available to sponsors in the run up to the Cultural Olympiad.

But Mr Hunt denied this was the case and said that we must stop this "schizophrenic attitude towards business" and recognise when businesses do good.

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