Although the Government has been shaving the British Library's budget, in the sense that it wasn't necessarily covering inflation with increases, it hasn't actually cut the budget before. However, this year it wants to. If you agree this is a bad thing, please consider signing an official online petition. You have to be a UK citizen to sign this. Info on the BL's view is at http://www.bl.uk/spendingreview.html and the petition is at http://petitions.pm.gov.uk/library/ If you felt strongly you could also email email@example.com with your name, contact number and a message about why the BL is valuable to you.
Photo by Sheila Webber: The British Library