The Institute for Public Policy Research (IPPR), a progressive thinktank, has launched the IPPR Economics Prize, a £150,000 fund for radical new economic ideas.
The IPPR Economics Prize, aimed at incentivising plans to reinvigorate the British economy, will be awarded to “the most radical, inventive and ambitious proposals to achieve a step-change improvement in the growth rate.” Over the last 10 years the UK has experienced an average growth rate of 1.1 per cent, compared to the global average of 3.5 per cent.
Around 90 per cent of UK economic growth derives from consumption, rather than investment. IPPR describes the UK’s trade position as “exporting too little and importing too much”, which seems likely to become a greater economic concern after Brexit. Productivity remains 13 per cent below the G7 average; and productivity growth has been more or less stagnant since the 2008 financial crisis. The IPPR Economics Prize is designed to reward potential solutions to the UK’s economic inertia.
Candidates will be expected to submit policy proposals which will raise the growth rate, while ensuring that the increase in growth will translate to higher pay for ordinary households and contribute to reducing inequality. Proposals must also take environment and sustainability concerns into account, adhering to the UK’s international commitments to address climate change.
The IPPR Economics Prize is believed to be the third largest economics award in the world. The overall winner will receive £100,000, with £25,000 awarded to a runner-up and £25,000 set aside for a dedicated under-25 category. The judging panel is to consist of economists and business leaders, including City fund manager Helena Morrissey, Santander UK chair Shriti Vadera; and John Eatwell, president of Queen’s College at Cambridge University. The chair will be Stephanie Flanders, Senior Executive Editor for Economics at Bloomberg and head of Bloomberg Economics.
Entrants must provide a response to the question “What would be your radical plan to force a step change in the quality and quantity of the UK’s economic growth?” with a proposal of no more than 5,000 words. Entries to the IPPR Economics Prize close at midnight on Sunday January 6, 2019.