Northern Rock Foundation slashes its grants programme

The Northern Rock Foundation has announced that it is to scale back its grant-giving by up to £9m this year because of "financial uncertainties" about its future.

The foundation, which funds organisations tackling poverty and disadvantage across north-east England and Cumbria, is taking the action because of the effect of this summer’s credit crisis on its parent company, the mortgage lender Northern Rock.

A spokesman for the foundation told Third Sector that trustees decided last week to scale back this year’s forecast budget of £30m to between £21m and £22m. He said the situation would be kept under constant review as more information came to light.

This decision comes after the funder’s move last month to appoint financial advisers to protect its 15 per cent stake in Northern Rock in the event of the company being subject to a takeover.

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