Alan Budd
Encyclopedia
Sir Alan Peter Budd is a prominent British
economist, who was a founding member of the Bank of England
's Monetary Policy Committee
(MPC) in 1997.
He left the MPC in May 1999, and between August 1999 and 2008 was Provost
of The Queen's College, Oxford
.
He was temporarily head of the UK government's Office for Budget Responsibility
during 2010.
public school
, and then studied at the London School of Economics
and the University of Cambridge
where he obtained a PhD
degree.
His academic posts have included the University of Southampton
, Carnegie-Mellon University, University of Pittsburgh
(Ford foundation visiting professor), and the University of New South Wales
(Reserve Bank of Australia visiting professor).
between 1970 and 1974. During the 1980s he was professor of economics and director of the Centre for Economic Forecasting at the London Business School
. Other appointments have included group economic adviser, Barclays Bank (1989–91), and membership of the Advisory Board for Research Councils (1990–91).
Between 1991 and 1997, he was chief economic adviser to the Treasury, and headed the government economic service. Sir Alan was knighted
in 1997.
Among his activities as an economist, he is a governor of the National Institute for Economic and Social Research; a founder member of the UK-Japan 21st Century Group; an executive editor of World Economics and a member of the editorial advisory board of the Oxford Review of Economic Policy
. He is also a senior adviser to Credit Suisse First Boston
and a consultant to the G8
Group. In 2005, he was appointed to the board of the IG Group
, a spread betting
firm founded by Stuart Wheeler
.
(1999), and chairman of the Gambling Review Body which produced the Gambling Review Report (2001). In 2004 he was asked to investigate the circumstances surrounding the issue of a visa to the nanny of Kimberly Quinn
, the lover of David Blunkett
, the then Home Secretary
; Sir Alan’s report concluded that there was no evidence that Mr Blunkett had personally interfered in the visa application, but that he was "able to establish a chain of events linking Mr Blunkett to the change in the decision on [the] application." Blunkett resigned as home secretary after being told in advance of the report's findings.
In May 2010 he came out of retirement to be the interim Chairman of the Office for Budget Responsibility
, set up by Chancellor of the Exchequer
George Osborne
to assess the state of public finances and issue economic forecasts. He described this as "the most exciting challenge of my professional life". In July 2010 it was announced that he will not continue in the role after his initial 3-month contract expires. The Financial Times
reported "His departure was expected and Sir Alan had let it be known privately that he had never intended to serve as chairman of the OBR for anything other than a short period. His contract spanned the emergency Budget, leaving enough time thereafter to advise on the legislation needed to establish the OBR on a permanent basis."
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
economist, who was a founding member of the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
's Monetary Policy Committee
Monetary Policy Committee
The Monetary Policy Committee is a committee of the Bank of England, which meets for two and a half days every month to decide the official interest rate in the United Kingdom . It is also responsible for directing other aspects of the government's monetary policy framework, such as quantitative...
(MPC) in 1997.
He left the MPC in May 1999, and between August 1999 and 2008 was Provost
Provost (education)
A provost is the senior academic administrator at many institutions of higher education in the United States, Canada and Australia, the equivalent of a pro-vice-chancellor at some institutions in the United Kingdom and Ireland....
of The Queen's College, Oxford
The Queen's College, Oxford
The Queen's College, founded 1341, is one of the constituent colleges of the University of Oxford in England. Queen's is centrally situated on the High Street, and is renowned for its 18th-century architecture...
.
He was temporarily head of the UK government's Office for Budget Responsibility
Office for Budget Responsibility
The Office for Budget Responsibility provides independent economic forecasts as background to the preparation of the UK budget. It was formally created in May 2010 following the general election, although it had previously been constituted in shadow form by the Conservative party opposition in...
during 2010.
Education
Sir Alan went to OundleOundle School
Oundle School is a co-educational British public school located in the ancient market town of Oundle in Northamptonshire. The school has been maintained by the Worshipful Company of Grocers of the City of London since its foundation in 1556. Oundle has eight boys' houses, five girls' houses, a day...
public school
Public School (UK)
A public school, in common British usage, is a school that is neither administered nor financed by the state or from taxpayer contributions, and is instead funded by a combination of endowments, tuition fees and charitable contributions, usually existing as a non profit-making charitable trust...
, and then studied at the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
and the University of Cambridge
University of Cambridge
The University of Cambridge is a public research university located in Cambridge, United Kingdom. It is the second-oldest university in both the United Kingdom and the English-speaking world , and the seventh-oldest globally...
where he obtained a PhD
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
degree.
His academic posts have included the University of Southampton
University of Southampton
The University of Southampton is a British public university located in the city of Southampton, England, a member of the Russell Group. The origins of the university can be dated back to the founding of the Hartley Institution in 1862 by Henry Robertson Hartley. In 1902, the Institution developed...
, Carnegie-Mellon University, University of Pittsburgh
University of Pittsburgh
The University of Pittsburgh, commonly referred to as Pitt, is a state-related research university located in Pittsburgh, Pennsylvania, United States. Founded as Pittsburgh Academy in 1787 on what was then the American frontier, Pitt is one of the oldest continuously chartered institutions of...
(Ford foundation visiting professor), and the University of New South Wales
University of New South Wales
The University of New South Wales , is a research-focused university based in Kensington, a suburb in Sydney, New South Wales, Australia...
(Reserve Bank of Australia visiting professor).
Economic positions
After various academic roles, he became senior economic advisor to HM TreasuryHM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
between 1970 and 1974. During the 1980s he was professor of economics and director of the Centre for Economic Forecasting at the London Business School
London Business School
London Business School is an international business school and a constituent college of the federal University of London, located in central London, beside Regent's Park...
. Other appointments have included group economic adviser, Barclays Bank (1989–91), and membership of the Advisory Board for Research Councils (1990–91).
Between 1991 and 1997, he was chief economic adviser to the Treasury, and headed the government economic service. Sir Alan was knighted
Knight Bachelor
The rank of Knight Bachelor is a part of the British honours system. It is the most basic rank of a man who has been knighted by the monarch but not as a member of one of the organised Orders of Chivalry...
in 1997.
Among his activities as an economist, he is a governor of the National Institute for Economic and Social Research; a founder member of the UK-Japan 21st Century Group; an executive editor of World Economics and a member of the editorial advisory board of the Oxford Review of Economic Policy
Oxford Review of Economic Policy
Oxford Review of Economic Policy is a refereed journal which is published quarterly. Each issue concentrates on a current theme in economic policy, with a balance between macro- and microeconomics, and comprises an assessment and a number of articles. It gives a valuable appraisal of economic...
. He is also a senior adviser to Credit Suisse First Boston
Credit Suisse First Boston
Credit Suisse First Boston was the former name of the banking firm Credit Suisse.-History:In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called the Financière Crédit Suisse-First Boston...
and a consultant to the G8
G8
The Group of Eight is a forum, created by France in 1975, for the governments of seven major economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. In 1997, the group added Russia, thus becoming the G8...
Group. In 2005, he was appointed to the board of the IG Group
IG Group
IG Group plc is a British-based company trading in financial derivatives. While the majority of the company's activities are based in the UK the company has also expanded internationally...
, a spread betting
Spread betting
Spread betting is any of various types of wagering on the outcome of an event, where the pay-off is based on the accuracy of the wager, rather than a simple "win or lose" outcome, such as fixed-odds betting or parimutuel betting. A spread is a range of outcomes and the bet is whether the outcome...
firm founded by Stuart Wheeler
Stuart Wheeler
Stuart Wheeler is a British businessman and politician. He made his fortune as the founder of the spread betting firm IG Index in 1974, but is best known for his political activism, being formerly a major donor to the Conservative Party and since 2011, has been treasurer of the United Kingdom...
.
Public profile
Sir Alan was a member of the Independent Review Panel on the Future Funding of the BBCBBC
The British Broadcasting Corporation is a British public service broadcaster. Its headquarters is at Broadcasting House in the City of Westminster, London. It is the largest broadcaster in the world, with about 23,000 staff...
(1999), and chairman of the Gambling Review Body which produced the Gambling Review Report (2001). In 2004 he was asked to investigate the circumstances surrounding the issue of a visa to the nanny of Kimberly Quinn
Kimberly Quinn
Kimberly Quinn , is an American journalist, commentator and magazine publisher and writer. Latterly the publisher of British conservative news magazine The Spectator....
, the lover of David Blunkett
David Blunkett
David Blunkett is a British Labour Party politician and the Member of Parliament for Sheffield Brightside and Hillsborough, having represented Sheffield Brightside from 1987 to 2010...
, the then Home Secretary
Home Secretary
The Secretary of State for the Home Department, commonly known as the Home Secretary, is the minister in charge of the Home Office of the United Kingdom, and one of the country's four Great Offices of State...
; Sir Alan’s report concluded that there was no evidence that Mr Blunkett had personally interfered in the visa application, but that he was "able to establish a chain of events linking Mr Blunkett to the change in the decision on [the] application." Blunkett resigned as home secretary after being told in advance of the report's findings.
In May 2010 he came out of retirement to be the interim Chairman of the Office for Budget Responsibility
Office for Budget Responsibility
The Office for Budget Responsibility provides independent economic forecasts as background to the preparation of the UK budget. It was formally created in May 2010 following the general election, although it had previously been constituted in shadow form by the Conservative party opposition in...
, set up by Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
George Osborne
George Osborne
George Gideon Oliver Osborne, MP is a British Conservative politician. He is the Chancellor of the Exchequer of the United Kingdom, a role to which he was appointed in May 2010, and has been the Member of Parliament for Tatton since 2001.Osborne is part of the old Anglo-Irish aristocracy, known in...
to assess the state of public finances and issue economic forecasts. He described this as "the most exciting challenge of my professional life". In July 2010 it was announced that he will not continue in the role after his initial 3-month contract expires. The Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
reported "His departure was expected and Sir Alan had let it be known privately that he had never intended to serve as chairman of the OBR for anything other than a short period. His contract spanned the emergency Budget, leaving enough time thereafter to advise on the legislation needed to establish the OBR on a permanent basis."