Alan Davey, CEO of the Arts Council England, has clarified comments made yesterday to the BBC in which he accused major labels of "[wanting] talent to be delivered to them ready made" and stated that they were "not prepared to take a risk over a long period of time investing in talent".

Davey's comments to Radio 4's Today programme - in which he also said "currently in pop music there is a market failure, if you like, at the beginning ...