Construction of the £215 million Tate Modern extension will start next year despite a £141 million funding shortfall, according to trustees chairman Lord Browne of Madingley
He says that he expects the Department for Culture, Media and Sport (DCMS) to fulfil its funding promises despite reports that it is over-committed and faces spending cuts.
He says: ‘We intend to start building next year and, subject to the amount of money we raise, we expect to have a building there by 2012.’
The extension will add a 65-metre building to the former power station and increase display space by 60 per cent.
News of the shortfall followed an announcement that the gallery has had its best year ever in terms of acquisitions, with nearly £100 million worth of works added to its collections.
Current funding stands at £74 million, the same as it was when planning permission was granted in March.