Medical research in the UK could face a bout of belt-tightening, after the country’s major research charities warned they have been hit hard by the financial crisis.

The Independent is reporting that the Wellcome Trust, Cancer Research UK, the British Heart Foundation and Leukaemia Research may cut their research spending after losing billions in the credit crunch.

For the first time in its history Cancer Research UK’s fundraising income has dropped, and is £17 million down in the last 12 months, says the paper. The British Heart Foundation is down £10 million and Leukaemia Research and the Wellcome Trust have both seen their investments fall as a result of stock market fluctuations.

“In common with most other UK charities, the BHF has been affected by the recent financial turmoil,” says the British Heart Foundation’s chief executive, Peter Hollins. “The year ahead will be characterised by a cautious approach to maintaining investment across our prevention, care and research activities.”

See also

Nature News: Recession Watch special