Financial crisis hits Wellcome R&D funding

Science|Business reporting

Europe’s largest biomedical research charity, the Wellcome Trust, has revealed that the crisis in the financial markets has wiped £2 billion off the value of its assets base. As a result the charity’s R&D funding budget for 2009 will be cut to £590 million this year, compared to £620 million in 2007/8.

The Trust’s asset base at the close of the last financial year was £13.1 billion, compared with £15.1 billion for the previous year.

The Wellcome Trust spends only a small proportion of its endowment each year. “Therefore, despite the change in value of our investment portfolio, we are not planning major changes to our spending...

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