Economic Theory

IEA awards Free Enterprise Award to Vernon Hill


Press Release

Unspectacular growth reflects need for radical action

Press Release

IEA responds to the Queen's Speech

Founder and Chairman of Metro Bank wins 2013 Free Enterprise Award

The Institute of Economic Affairs is delighted to announce that the winner of the 2013 Free Enterprise Award is Vernon W. Hill II, Founder and Chairman of Metro Bank.

The prestigious award is given to the person judged to have made the greatest contribution to the market economy in the past year. This year it will be presented by former Chancellor of the Exchequer, Lord Lamont of Lerwick.

Commenting on the award, Mark Littlewood, Director General of the Institute of Economic Affairs, said:

“Vernon Hill embodies free market enterprise. He is a remarkable entrepreneur who has identified a clear opportunity and entered the UK banking scene at a time when the sector has been under constant fire. He is a breath of fresh air in the UK landscape and was the overwhelming winner as decided by our panel of judges.

“He has shown incredible perseverance and imagination in developing new ventures. Free enterprise is all about creating new opportunities and finding new ways of meeting people’s needs. Metro Bank is a shining example of innovation improving people’s lives. It’s refreshing to see more competition and choice in the banking sector on our high streets and it is testament to Vernon’s energy and drive that he has shown such determination in overcoming the regulatory hurdles that act as such a barrier to new entrants.”

Commenting on the award,Vernon W. Hill II, Founder and Chairman of Metro Bank, said:

“I’m humbled by this Award.  The IEA is a bastion of free enterprise in Britain.  Joining winners such as Margaret Thatcher, Friedrich Hayek and other champions of freedom is a tribute to the entire Metro Bank team.”

“Metro Bank was founded to provide a new banking choice.  We thank the British people for their overwhelming reception.”

Notes to Editors:

For any enquiries, please contact Stephanie Lis, Communications Officer: 0207 799 8900 or 07766 221 268.

The Free Enterprise Award – first presented to Sir Keith Joseph in 1975 – is given to the person judged to have made the greatest contribution to the market economy in the past year – as a businessman, journalist, academic, think tanker or other intellectual. The winner is chosen by a panel of IEA trustees and staff, supporters and journalists.

The presentation of the Free Enterprise Award is on the evening of Tuesday 30 April 2013.

The distinguished list of winners includes luminaries such as Sir Richard Branson and Baroness Thatcher, Professor F A Hayek, Rt Hon Lord Lawson of Blaby, Martin Durkin and Allister Heath.

The mission of the Institute of Economic Affairs is to improve understanding of the fundamental institutions of a free society by analysing and expounding the role of markets in solving economic and social problems.

The IEA is a registered educational charity and independent of all political parties.