The PAS has announced that the British Museum will take over management of the PAS from the Museums, Archives and Library Council. In addition, the PAS will need to absorb a 15% funding cut over the next four years as part of the U.K.'s stringent austerity measures. See
It is hoped centralizing PAS management within the BM will cut out the bureaucratic "middleman" so to speak, and thereby help to further the PAS mission.
In addition, although the cuts are significant, they are much less severe than what other cultural entities are facing in these days of government austerity.
This is a tribute to the popularity of the PAS with the public, and the fact that it gives great "bang for the buck" or Pound as the case may be.