The current financial crisis is threatening to engulf the UK's healthcare system, according to the E...
The current financial crisis is threatening to engulf the UK's healthcare system, according to the Economic and Social Research Council (ESRC) and recent announcements from leading charities.
According to the research and training agency, the economic climate had precipitated a drying-up of funding in biotechnology. Concurrently, Cancer Research UK is predicting a 5% fall, totalling £15m, in donations.
Harpal Kumar, chief executive of the charity, said the outlook was very challenging but that it would not deter them from achieving their long-term goals.
The news was reported as NHS unions are battling the health service for improved salary increases for nurses, midwives and other professionals. Despite agreeing a deal four months ago for pay increases over three years of 8%, the unions are anxious to return to negotiations after inflation rose to more than 5%.
The fall in funds for biotechnology research was blamed by the ESRC on the reduced risk-taking of venture capital firms caused by the financial turmoil.
