….Tyler Curtis from Hall Cross Academy, Doncaster, whose winning post, “How lab-grown burgers could feed the world”, is published today on Bank Underground and in the FT. You can also read the post selected by our judges as the runner-up, “Facebook bank anyone?” by Nicola Medicoff of St Paul’s Girls School, Hammersmith.
We had almost 200 entries from schools all over the UK, spanning an enormous range of topics. We had an enjoyable but tough task in whittling down the entries down to a final shortlist of 5. The winner was picked by our expert panel of Chris Giles (Economics Editor, FT), Martin Sandbu (Author of Free Lunch, FT), Silvana Tenreyro (Monetary Policy Committee member) and Sonya Branch (General Counsel at the BoE). Sonya commented “I was enormously impressed by the number of innovative and thought provoking entries we received from students. The top two entries were particularly inspiring and challenge those of us who deal with these issues as part of our day jobs to think differently.” And Silvana added “It was thrilling to read so many insightful, thoughtful and well-crafted pieces.”
A big thankyou to all those who took part. It was brilliant to read so many blog posts from the policymakers, commentators, business leaders and journalists of the future. Whatever the future holds for the economy, we will have some very smart economists to help us understand it!
Tyler Curtis, from Hall Cross Academy, Doncaster is the winner of the Bank of England/Financial Times schools blogging competition. In his winning post, he looks at how artificial meat could reshape the economy and our environment…
Food, glorious food! But how glorious is it, especially meat, when its production is reminiscent of Mary Shelley’s Frankenstein? Traditionally, a significant portion of the world’s workforce has been employed in agriculture throughout history, forcing us to allocate massive amounts of scarce resources to the sector. Today, nearly 27 per cent of people work in agriculture worldwide, according to the World Bank (the figure is just 1 per cent in the UK). However, the industry is on the verge of a new revolution.
Nicola Medicoff from St Paul’s Girls School, Hammersmith is the runner up in the Bank of England/Financial Times schools blogging competition. In her post, she looks at how fintech might reshape the banking industry…
Six years after setting up shop in London, ride-hailing app Uber has a fleet of 40,000 drivers doing battle with Black cabs, upsetting an industry that has seen little change since Hackney carriages started in the 1650s. Banks are bracing themselves for a similar assault, in their case from small fintech start-ups and large technology groups. Are the banks’ fears justified?
Walter Heller famously said that an economist is someone who sees something in practice and wonders if it would work in theory. Economic theory says banks exist because they channel loanable funds more efficiently than individual savers and investors pairing up bilaterally. Those informational, diversification and maturity transformation considerations imply that banks should be able to out-compete peer to peer (P2P) lenders. The stylised fact that few P2P platforms have made a profit to date is in line with this theory. If so, then P2P lenders face a difficult future and they may need to become more like traditional banks in order to survive. Either way, that makes them much less disruptive than they first appear.