The majority of arts organisations will be given an equal cut which has been kept to 6.9% for 2011/12. This approach keeps the overall percentage cut as low as possible and gives organisations a quick and fair decision. It allows them a degree of relative stability in a very challenging economic climate, particularly in the context of the large cuts to local authority budgets implied in the Spending Review...More details can be found on the Arts Council website.
Over the four-year period 2011-2015, the percentage budget cut for funded arts organisations will be 14.9%.
The Guardian also has a useful section on arts funding with the latest news, comment and debate.