Nobel Prize winners' cash amount reduced owing to current economic crisis

Nobel Prize organizers have announced a cut in cash amounts to prize winners.

The Nobel Foundation blamed the global economic crisis for the move, which will see a 20 per cent cut in the prize money, The BBC reports.

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

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

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