Westminster’s economists’ creative solutions secure runners-up spot in budget challenge
A shadow budget tackling the key economic issues facing the country was presented by a team of Sixth Formers to a panel of internal judges at the Institute of Economic Affairs’ national Budget Challenge competition finals.
Held at the University of Buckingham in March, the IEA’s competition attracted aspiring Economists, from schools nationwide, who in teams of up to four worked together on a submission outlining a budget with taxation and spending policy for the United Kingdom in the coming financial year. Each submission included an analysis of the macroeconomic conditions, an outline of the main economic goals to be pursued, and finally a proposed budget.
The Westminster team, composed of Sixth Formers Albert (RR), Anvi (WW), Aryan (HH) and Elena (HH), worked tirelessly since their formation back in November, meeting over the Christmas holidays with an abundance of ideas, which they used to establish headline strategies for their research. Into the Lent Term they faced a logistical challenge trying to balance their busy school diaries with the extra-curricular task they had embarked on, but they succeeded and, just before the deadline and on a ledge outside the local Itsu, final edits were made and the team submitted their entry to the IEA. On judging day, the team’s in-depth knowledge and understanding of the economic issues raised by the challenge alongside the quality and clarity of their argument and analysis, led to them being awarded one of the three runners-up spots.
Aryan was eager to express his and his teammates’ enthusiasm for the competition:
“We were drawn to it as it seemed an immensely unique and interesting idea, combining elements of our study of macroeconomics with creative solutions and carefully balanced arguments. As we began the project, we were often inefficient and disjointed. As we progressed however, we learnt to coordinate and evaluate our ideas as a team, and soon we had developed an effective system for writing our ideas up and then meeting to discuss them and add them to the budget. We are thrilled and honoured to be runners-up. The competition has been an immensely fun and enjoyable experience!”