British economist Angus Deaton wins Nobel Prize

British microeconomist Angus Deaton has won a Nobel Prize for his work studying consumption, poverty, and welfare.

The 69-year-old, from Edinburgh, is currently a Princeton professor and has been in the running for the prize in previous years.

Deaton was awarded the prestigious prize after winning praise for his work focusing on how consumers distribute spending among different goods, how much of society's income is spent and saved, and how best to measure and analyze welfare and poverty.