We were thrilled to welcome Andy Haldane, former Chief Economist at the Bank of England, former Chief Executive of the Royal Society of Arts and one of the UK’s most influential economic thinkers, to Wimbledon High on Thursday 27 November. It was a fantastic opportunity for Y11-13 students to hear insights from someone who has shaped national economic policy and advised on global financial stability.
The talk was an initiative of the Economics Society, co-chaired by Y13 students Simi and Jess who share their reflections below. This student-led society explores topics beyond the A-level specification, hosts discussions and events, and engages younger year groups to build interest in the subject.
It is just one example of how Economics as a subject at our school is enriched by a range of super-curricular activities designed to develop practical skills and deepen subject understanding. For example, students can enrol in an Ofqual-accredited Finance Course, endorsed by the Chartered Institute of Securities and Investments, which covers the fundamentals of the financial services industry and leads to a recognised qualification; GAIN (Girls Are Investors), delivered in partnership with an external provider, pairs students with an industry mentor to research a listed company and produce a professional stock pitch report and video, recommending whether investors should buy, sell, or hold the shares. And Currency magazine is our student-led publication presenting contemporary economic issues in an accessible format to engage and educate younger year groups.
On Thursday afternoon, we were fortunate enough to welcome Sir Andy Haldane, the previous Chief Economist of the Bank of England, to speak to our Year 11 and Sixth Form students. Andy has a plethora of experience within the discipline of economics, ranging from working at the International Monetary Fund to sitting on the Monetary Policy Committee at the Bank of England, to now sitting on the HM Treasury Advisory Committee. In 2009, Andy co-founded ‘Pro Bono Economics’, which aims to tackle low wellbeing across the UK by mitigating economic causes and consequences.
Andy’s talk centred on the value of economic growth and the ways in which it can benefit public wellbeing. He emphasised the importance of fully understanding growth as a concept, especially due to how often it is used by policymakers and economists today. He considered the impacts of historic and current economic growth from a political, social and environmental perspective. A point of key interest was the correlation between economic growth and the prominence of different political ideologies. He discussed how, over the 20th century, economic growth led to a rise in electoral and liberal democracy and a shift away from autocracy. Comparing this to present day, we were invited to discover the correlation between a stagnation in economic growth and the rise in populism we are seeing across the globe.
A Q&A involving questions from a wide range of economic phenomena and current affairs spurred further discussion. Andy touched on the sustainability of future growth in the context of environmental protection. He concluded that the rise of green industries and technology will allow for further economic growth, and so a move towards a more sustainable world will ultimately improve social welfare. The idea that a developing green industry will increase global productivity was eye-opening: Andy explained that technology allows us to ‘make more from less’, noting that producing environmentally friendly goods doesn’t require finite natural resources.
Not only was the health of the planet a topic of debate, but so too was the health of the people. Economic growth often corresponds with rising life expectancy, and this has created concerns regarding worldwide ageing populations. In an attempt to answer the complex question, ‘Can we continue to grow forever?’, Andy posed the idea that higher retirement ages, made possible by better healthcare and therefore longer lives, might have to be the way forward. People working for longer could offset the depletion of the workforce and pressure on public services as a result of an ageing population.
Andy offered an insightful perspective on the future of Artificial Intelligence (AI). He deemed it an incredibly useful tool, and while emphasising that it must be used with caution, he promoted its use in future policymaking.
With the upcoming government Budget due next week, students were eager to hear about Andy’s predictions and views on the decisions that Rachel Reeves might make. Andy reiterated the difficulty that the government faces in funding its spending through tax revenue. Government debt is not a new concept, and to finance it, we are likely to see tax rises in the near future.
Andy ended by stressing that the younger generation will be responsible for informing future policy. It is up to us to decide how growth should be promoted and managed to ensure social welfare, environmental protection and equality.
It was a once in a lifetime opportunity to hear the insights of someone who has been at the forefront of national economic policy making . We are so grateful that Andy presented his ideas in such a captivating and thought-provoking way. Because of this, we feel that we are now much better equipped to consider current affairs from the perspective of someone making decisions on a national scale.
Simi and Jess, Y13
Economics Society
