Investing in the "knowledge economy" was supposed to equip Britain for the growing rigours of global competition. Now that investment, like much else in these straitened times, is being cut back. On December 9th Alistair Darling, the chancellor of the exchequer, said he expected to make savings of ￡600m ($980m) from the budgets for higher education, science and research by 2012. Seven days later the body that funds much of British physicists' research announced that it too was cutting spending. The moves are a setback for universities, which have enjoyed a rapid growth in state spending on science under the Labour government.
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