Nobel Prize reduces prize winners' cash amount

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.