We are delighted to announce that Jacob and Toby (Lower Sixth) have won the National Finals of the Institute of Economic Affairs (IEA) “Challenge the Chancellor” Competition. This prestigious national competition attracts entries from over 190 schools across the UK and is designed to stretch the most able economics students while giving them an insight into the real workings of economic policy.
The competition began in December, when students were tasked with producing an alternative Budget for the UK Government. Jacob and Toby submitted a 5,000‑word report, developed after extensive research into the current economic climate, outlining their proposals for taxation and public spending.
The competition attracted over 300 applicants from 173 schools, making their achievement in reaching the final eight teams particularly impressive. As part of the challenge, students were required to propose alternative policies that the Chancellor could adopt in the national budget.
Toby and Jacob focused on two key areas:
- Introducing additional land taxes to stimulate economic growth
- Reforming the benefits system to encourage a return to work in the post‑pandemic economy
Their report was shortlisted by the IEA, earning them a place in the Regional Finals at the University of Buckingham in March, where they again impressed the judges and progressed to the National Finals in April 2026.
At the final stage, Jacob and Toby were required to present their alternative Budget to a panel of economists from the IEA and then defend their proposals under rigorous questioning. Competing against some of the country’s leading independent schools, they demonstrated exceptional economic understanding, clarity of thought and confidence under pressure. Their ability to justify and defend their policy recommendations ultimately secured them the national title.
This is a tremendous achievement and reflects not only their talent for economics, but also the significant amount of extra work they dedicated to refining their analysis and preparing their presentation. Their commitment, resilience and intellectual curiosity were evident throughout the competition, and their success is richly deserved.
We are extremely proud of Jacob and Toby and congratulate them on this outstanding accomplishment.
