LONDON (AP) ― The massive bronze sculpture is formally known as “Draped Seated Woman,’’ a Henry Moore creation that evoked Londoners huddled in air raid shelters during the Blitz.

To the East Enders who lived nearby, the artwork was known as “Old Flo,’’ a stalwart symbol of people facing oppression with dignity and grace.

But now, Old Flo may have to go.

The cash-strapped London borough of Tower Hamlets, one of the poorest communities in Britain, plans to sell the statue ― estimated to be worth as much as 20 million pounds ($30 million).

Art lovers fear the sale of such a famous sculpture would set a worrisome precedent, triggering the sell-off of hundreds of lesser works housed in parks, public buildings and little local museums as communities throughout Britain struggle to balance their budgets amid the longest and deepest economic slowdown since the Great Depression.

“If the sale of Old Flo goes through, it can open the flood gates,’’ said Sally Wrampling, head of policy at the Art Fund, the national fundraising charity for art and one of the groups campaigning to block the sale.

The proposal embodies a dilemma faced by many struggling households: Do you sell the family silver to get through tough times?

Tower Hamlets, where a recent study found that 42 percent of children live in poverty, is 100 million pounds in the red.

The sculpture hasn’t even been in the borough for 15 years. It was moved to a sculpture park in the north of England when authorities tore down the housing project where it had been placed. The council says just the insurance alone for the massive bronze would be a burden to taxpayers.

“We make this decision with a heavy heart,’’ said Rania Khan, a local councilor who focuses on culture issues. “We have to make tough decisions.’’

Local authorities throughout the country are being hit by funding cuts as the central government seeks to balance the budget and reduce borrowing. Funding for local government will fall 33 percent in real terms between April 2011 and March 2015, according to the Local Government Association. The Institute for Fiscal Studies says the cuts tend to hit poor, urban areas like Tower Hamlets hardest, because their spending was higher to begin with.