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Northern Rock cuts grants by two thirds
By Paul Jump, Third Sector Online, 30 November 2007
The Northern Rock Foundation has decided to close four of its funding programmes and scale down its 2008 grants budget to just £7m - a third of this year's expenditure. The move comes as uncertainty about the future of its parent company continues.
The 2007 projected budget of £30m was cut to £22m after the Northern Rock bank applied for emergency loans from the Bank of England in September. The foundation committed £27m to new grants in 2006. A spokesman for the foundation, which receives 5 per cent of the bank’s annual pre-tax...
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