National museums and galleries reduced their acquisition budget by more than 70 per cent last year on account of the recession destabilising the art market.

According to new figures obtained under the Freedom of Information Act by the Conservative Party, spending on new artifacts, artworks and pieces of cultural heritage by the nation’s most significant museums and galleries fell by more than £10m in 2007/08, to just £4.3m.

The British Museum spent £1.7m in 2006—07 compared with only £1m last year, while the National Portrait Gallery reduced its investments from £2m to just £850,000.

This revelation has been used by the Conservatives to direct criticism at the government for failing to support our cultural heritage.

Jeremy Hunt, shadow culture secretary, said: “The government urgently needs to look at ways to allow museums to build up endowments to prevent this decline in funds becoming a crisis.”

The debate comes in the light of a public outcry over the Scottish Government’s pledge to contribute £12.5m towards the acquisition of a £50m Titian masterpiece by the National Gallery of Scotland and the National Gallery in London earlier this year.

Government support for one major work of art while the Burrell Collection in Glasgow struggled to raise funds to fix its leaky roof was decried by many in the Scottish arts sector.

Scottish minister for culture Linda Fabiani responded to criticism at the time, saying: “I am delighted to announce that this world-class collection has been saved for Scotland, underlining the prestige of our National Galleries and offering real educational and economic benefits for years to come.

“At this time of global economic downturn all funding decisions must offer real value for money and a strong return on investment. Our contribution has not only secured the Titian painting permanently for the National Galleries of Scotland, but just as importantly ensures continuing public access to a collection worth hundreds of millions of pounds for the next 21 years.”