Nobel Prize reduces prize winners' cash amount

Alfred Nobel The money received by prize winners was donated by the chemist, engineer and inventor Alfred Nobel

Nobel Prize winners are to receive a smaller cash sum in future, after a cut to prize winnings was announced.

The Nobel Foundation said the economic crisis was to blame for the move, which will see a 20% cut in prize money.

The foundation said the returns on its capital had not grown at the same rate as its costs, and that future winners would receive $1.1m (£700,000).

The money that prize winners are awarded with was donated by the chemist Alfred Nobel in his will.

Winners receive a diploma and a medal, as well as the cash.

The Nobel Foundation, which is based Stockholm, said it would also cut administration and celebration expenses this year, according to Reuters.

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