Congratulations to Jacob and Toby (both Lower Sixth), who have progressed to the National Semi‑Final of the Institute of Economic Affairs’ The Budget Challenge competition. This prestigious national contest invites students from across the UK to analyse the current economic landscape and design an alternative budget for the Chancellor of the Exchequer.
After several months of in‑depth research, Jacob and Toby produced a detailed economic report supported by data from the Office for National Statistics (ONS), HM Treasury, and other reputable statistical sources. Their proposals focused on policies aimed at stimulating economic growth and closing the UK’s productivity gap—a central theme of their submission. Key elements of their alternative budget included:
- Tax incentives to encourage greater investment in research and development.
- Targeted taxation to discourage land banking and promote more efficient land use.
- Enhanced educational spending, particularly to support young people not currently in education, employment, or training.
Their analysis and evidence‑based recommendations have earned them a place in the semi‑final round. Jacob and Toby will now travel to the University of Buckingham, where they will deliver a 20‑minute presentation to economists at the IEA. They will defend their proposals, justify their use of data, and respond to rigorous questioning from the judging panel.
This is an outstanding achievement, and we wish them every success at the national level.
