Arts Council England (ACE) has announced “ambitious” investment plans for 2018-2022, totaling £622m a year for its three main funding streams, with the organisation also planning to change its finance structure to allow more organisations to benefit from its funding.

Covering its National Portfolio, Grants for Arts and Culture, and strategic funds, a record £409m will be designated to the National Portfolio, £10m to the Grants for Arts and Culture fund and £125m to the strategic fund.

The expanded fund aims to significantly boost regional funding outside of London, with £37m earmarked to increasing the proportion of the NPO budget spent outside London by four percentage points, as well as the integration of museums and libraries activity, plans to bring in new, small and diverse organisations into the ACE portfolio.

ACE also said that in a shakeup to its funding policies that the designation of “Major Partner Museum” (MPM) will be dropped as these organisation join the national portfolio. Taking effect from 2018, arts organisations will also be in competition with museums and libraries for funding - a first. Additionally the Grants for the Arts funding stream, which is being re-named ‘Grants for the Arts and Culture’, will have its budget increased by £10m a year to a total of £87.5m.

“We’ve planned a budget that lets us reach more people in new ways,” said ACE CEO Darren Henley. “We’ll increase investment outside London without damaging the capital; fund more new, small and diverse organisations. And museums, libraries and arts organisations will apply to us on a more level playing field.

“Everybody deserves to benefit from Arts Council investment, wherever they are, whatever their background. Our plans through to 2022 show we mean it when we talk about great art and culture for everyone.”