The Northern Rock Foundation, the charitable arm of troubled bank Northern Rock, originally set a budget of £30m for 2007 but has now cut this back to between £21m and £22m. It said the action is "prudent" given that Northern Rock was forced to ask the Bank of England for emergency funding last month.
A spokesman for the foundation said: "The bulk of the reduction will be achieved through cancelling or postponing new initiatives rather than cutting grant-funding programmes."
Register Now to Continue Reading
Thank you for visiting Children & Young People Now and making use of our archive of more than 60,000 expert features, topics hubs, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's Included
-
Free access to 4 subscriber-only articles per month
-
Email newsletter providing advice and guidance across the sector
Already have an account? Sign in here
