The axe has fallen. Arts Council England (ACE) this week announced how the Government's public sector cuts will affect the arts over the next four years. It decided, rather than "equal misery for all", to dole out its diminished government funds strategically.

As a result, its portfolio of 849 previously regularly funded organisations has been reduced to just 695, and 206 organisations that were previously subsidised have lost funding to make way for 110 organisations new to ACE's portfolio. In addition, while some have received – in some very cases, quite substantial – increases to their coffers, others have suffered debilitating reductions of up to 60% in real terms.

As debate continues to rage among arts leaders and pundits and across the blogosphere and Twitter, we won't to know what you think. Did the Arts Council get it right this week? Could they ever? And, if you held the purse strings, who would you have saved? Please take a minute to fill in the questionnaire below. This poll closes on 18 April 2011.

For an overview of ACE's funding decisions, click here. And for all of Whatsonstage.com's coverage on the matter – including live tweeting on the day of the announcements, comments from industry leaders and background articles - visit our dedicated Cuts Watch page. Publicists can email contributions for publication to editorial@whatsonstage.com. Please also add your views to User Comments at the bottom of stories.