The Nobel Foundation has become the latest victim of austerity after announcing that the prize money awarded to laureates will be cut by 20pc following a series of unfortunate investment decisions.
Last year 12 Nobel winners were honoured in Stockholm during a week of lavish receptions and banquets. The Nobel peace prize is handed out at a separate ceremony in Oslo.
This year, the money for the Nobel prizes, given for excellence in the sciences, literature, economics and promoting peace, will fall from 10 million to 8 million Swedish krona (€907,000). It will be the first reduction in the face value of the prize since 1949. (© Independent News Service)