Nobel Prize reduces prize winners' cash amount

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Alfred Nobel
Image caption,
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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