The IEA Budget Challenge
2020 Results Announced
The IEA is delighted to announce the results of the 2020 Budget Challenge. The winners were the Team from Brighton College. The three runner up teams were those from Withington Girls’ School, Queen Elizabeth’s School Barnet, and Fortismere School.
The IEA’s Director of Education, Outreach, and Programmes, Christiana Stewart-Lockhart, said:
‘This year the Budget Challenge final could not be done in its usual way at the IEA offices because of the coronavirus outbreak and so the teams selected for the final all had to record their presentations remotely. This was quite a challenge but they all did very well and there were several presentations that were outstanding by any measure. The content of all of the submissions was carefully thought out, and thought provoking. It is good to see serious engagement with issues of public policy on the part of young people applying their economics studies to national political issues in this way. This year we had a record number of entries and the overall standard was very high, so the teams that made it to the final have all done very well. We look forward to next year’s competition, which will doubtless have many entries focussed on responding to the effects and aftermath of the pandemic. Now, we give our congratulations to Brighton and the three runners up and to all of the teams who made it to this stage in the face of very tough competition.’
A chance for schools to enter a team for a national competition that will help them to learn more about economics, develop their writing, research, and analytical skills, and give them a better understanding of the policy issues and challenges facing national decision makers.
Each school can enter one team of up to a maximum of four people in the competition. Teams put together a submission that will outline a budget with taxation and spending policy for the United Kingdom in the coming financial year, as well as more briefly analysing the macroeconomic conditions and setting out a broad policy and strategy in response to these.
The 2020 Challenge
The entries have been reviewed by a panel of internal judges and the top 10 entries have been invited to a competition day in London in early March.
At the day the selected teams will have to make the case for their proposals and analysis to a panel of judges and answer questions. After the final the judges will withdraw and decide the winners and runners up. There will then be a reception for all participants and the winners will be announced and the awards made.
Congratulations to all schools who were invited to the final at the IEA including Bedford Modern School, Brighton College, Colchester Royal Grammar School, Fortismere School, The King’s School (Worcester), Merchant Taylors, Queen Elizabeth’s Barnet, Reepham College, Sutton Grammar School, and Withington Girls’ School.
The winning team will get a prize of £1,000, this will be divided with £500 pounds going to the school and £500 being shared among the team members. The three next best teams will each receive a runners up prize of £250. All remaining teams that participate in the final will receive a prize of £50.
The entries will be judged on the criteria of knowledge and understanding of the economic issues raised by the challenge, use of resources, the quality and clarity of the argument and analysis presented, the coherence and credibility of the proposed budget, and the degree of originality and insight displayed. They will not be judged on the basis of adherence to a particular perspective regardless of quality or the other considerations set out.