The FCDO, the British Council, and HM Treasury have formally agreed the long-term restructuring of the British Council’s £197m loan. This is underpinned by a five-year restructuring plan to bring the British Council back into profitability across its commercial business. This agreement provides a balance between ensuring full repayment of the loan, and therefore protecting the interests of the taxpayer, while enabling the British Council to deliver as one of the UK’s most important soft power levers. The core tenets of the agreement are: the British Council is now able to refocus on delivering against the turnaround plan and core remit to promote UK values and interests overseas through its work in arts and culture, education, and promotion of the English language.