Tom Sutcliffe and his guests Director of the National Theatre of Scotland Vicky Featherstone, Director of the Serpentine Gallery Julia Peyton-Jones and writer and Artistic Director of the Bath Literature Festival James Runcie look at the future of funding for the arts and ask if the new austerity is a problem - or an opportunity?

Historian Dominic Sandbrook, theatre critic David Benedict, former Chairman of the Arts Council Sir Christopher Frayling, Chairman of the UK Film Council Tim Bevan and CEO of Faber & Faber Stephen Page also offer their views on what happens to the cultural life of the nation when the purse-strings are tightened.

Producer: Torquil MacLeod.