Tomorrow sees the announcements from today's STFC science prioritisation meeting (hilariously title "Investing in the future: 2010-2015" [my emphasis]), which will describe how UK funding for Astronomy, Particle Physics and Nuclear Physics will be distributed over the next few years. Due to certain issues there are likely to be some big cuts in many areas where the UK has been doing excellent science, and many people are on tenterhooks waiting to see if their area (and in many post-docs cases their jobs) are on the line. Other people have written in more informed, and better ways, about this, so I'm not going to add anything other than the obviously selfish thing of hoping that my area of gravitational wave research fares well. I hope things aren't as bad as predicted and most people (in all STFC-funded areas) see their funding at least kept at its current level, but that's probably hoping in vain.
[Update: The report can be found here. Gravitational waves fared well, but even we can expect to have to deal with cuts of order 10% (maybe more) - I think we'll do this through various efficiency savings. There is a lot of discussion online of the aftermath of this report and its effects over all the STFC areas (for example see the comments on Peter Coles blog, or the #sftc tag on twitter.)]