Institute of Economic Affairs Government Budget Challenge – 25 Apr 2022

External view of the main school building

In October we (Aarian, Vinay, Dilhaj and Jevan) decided to enter the annual IEA and Vinson Centre Budget Challenge, with the required entry being a 5000 word Budget designed to replicate a Government Budget for the 2021-2022 fiscal year, drawing upon our economic knowledge whilst also demonstrating our capacity to expand beyond the scope of the curriculum. Weeks of preparation and brainstorming ideas led us to our final product, an eclectic analysis of how to improve the economy of the UK, with a focus on producing economic policies that raise productivity and promote economic growth.

After submitting our entry in early January, we had a tense few weeks, before eventually receiving the news that we had been chosen to reach the final of the competition, placing us in the top 10 schools nationally, something we had never expected to achieve. Once we had received the news in February that we were going to the final, we had a few weeks to rehearse our Budget proposal and create a presentation to deliver to a panel of judges. Alongside the capable guidance of Mr Turley we spent many lunchtimes rehearsing and revising our presentation, in full confidence that we would be able to effectively deliver it come the day of the competition final.

A tiresome 3 hour journey to the University of Buckingham was the final hurdle between us and potential glory; after months of preparation the day we long awaited had finally arrived. As we stepped foot onto campus, we leered over our competition who were making final preparations. Despite this, we remained focused on our plan that was rehearsed fluently in the tedious drive beforehand. Being the fourth school in line to present, we waited anxiously whilst watching the first three schools deliver their outlook for the next financial year.

After a break consisting of cookies and cakes, our highly anticipated moment was in our grasp. Standing in view of a panel of judges and 9 other esteemed schools was initially daunting. However, as Jevan opened our proposals to the room, the nerves settled instantaneously. Dilhaj was soon to follow with the current macroeconomic condition of the economy. Aarian continued with the economic goals that we will look to achieve by the financial year ending 2022. To conclude our propositions, Jevan and Vinay outlined the budget proposals that will be implemented. A sense of relief kicked in as months of hard graft finally come to an end.

From this point forward, we sat back and watched the remaining presentations, with a well prepared lunch in between. During this time, we strolled across the campus and took in the stunning scenery. As we enjoyed this deserved freedom, the panel of judges decided on which school would win. The walk back to the lecture room was full of nerves, our fate was lying in wait. Despite a lack of confidence in the result, an ounce of hope came to the forefront as the final decisions were about to be announced. The judges read out the three runners up and … we were not successful. The same outcome occurred as the winners were read out. This experience was an unforgettable one, we are grateful for Mr Turley’s efforts and we thank the school for organising the event. We have been offered a summer internship at the IEA’s offices in Westminster, as a result of reaching the final.


Aarian, Vinay, Dilhaj and Jevan