Sir Alan Peter Budd (born 16 November 1937) is a prominent British economist, who was a founding member of the
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 to act as the English Government's banker, and still one of the bankers for the Government of ...
's
Monetary Policy Committee Monetary Policy Committee (MPC) may refer to:
* Monetary Policy Committee (India) of the Reserve Bank of India
* Monetary Policy Committee (United Kingdom)
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets ...
(MPC) in 1997.
He left the MPC in May 1999, and between August 1999 and 2008 was
Provost of
The Queen's College, Oxford
The Queen's College is a Colleges of the University of Oxford, constituent college of the University of Oxford, England. The college was founded in 1341 by Robert de Eglesfield in honour of Philippa of Hainault. It is distinguished by its pred ...
.
He was temporarily head of
Her Majesty's Government
ga, Rialtas a Shoilse gd, Riaghaltas a Mhòrachd
, image = HM Government logo.svg
, image_size = 220px
, image2 = Royal Coat of Arms of the United Kingdom (HM Government).svg
, image_size2 = 180px
, caption = Royal Arms
, date_es ...
's
Office for Budget Responsibility
The Office for Budget Responsibility (OBR) is a non-departmental public body funded by the UK Treasury, that the UK government established to provide independent economic forecasts and independent analysis of the public finances. It was formally c ...
during 2010.
Education
Budd went to
Oundle School
Oundle School is a public school (English independent day and boarding school) for pupils 11–18 situated in the market town of Oundle in Northamptonshire, England. The school has been governed by the Worshipful Company of Grocers of the City ...
, a
public school
Public school may refer to:
* State school (known as a public school in many countries), a no-fee school, publicly funded and operated by the government
* Public school (United Kingdom), certain elite fee-charging independent schools in England an ...
in
Northamptonshire
Northamptonshire (; abbreviated Northants.) is a county in the East Midlands of England. In 2015, it had a population of 723,000. The county is administered by
two unitary authorities: North Northamptonshire and West Northamptonshire. It is ...
, and then studied at the
London School of Economics
, mottoeng = To understand the causes of things
, established =
, type = Public research university
, endowment = £240.8 million (2021)
, budget = £391.1 millio ...
where he received a
B.Sc.
A Bachelor of Science (BS, BSc, SB, or ScB; from the Latin ') is a bachelor's degree awarded for programs that generally last three to five years.
The first university to admit a student to the degree of Bachelor of Science was the University of ...
degree in
economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services.
Economics focuses on the behaviour and intera ...
. He subsequently went to the
University of Oxford
, mottoeng = The Lord is my light
, established =
, endowment = £6.1 billion (including colleges) (2019)
, budget = £2.145 billion (2019–20)
, chancellor ...
where he received an
MA degree and a
D.Phil.
A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is ...
degree and to the
University of Cambridge
, mottoeng = Literal: From here, light and sacred draughts.
Non literal: From this place, we gain enlightenment and precious knowledge.
, established =
, other_name = The Chancellor, Masters and Schola ...
where he obtained a
Ph.D.
A Doctor of Philosophy (PhD, Ph.D., or DPhil; Latin: or ') is the most common degree at the highest academic level awarded following a course of study. PhDs are awarded for programs across the whole breadth of academic fields. Because it is a ...
degree.
His academic posts have included the
University of Southampton
, mottoeng = The Heights Yield to Endeavour
, type = Public research university
, established = 1862 – Hartley Institution1902 – Hartley University College1913 – Southampton University Coll ...
,
Carnegie-Mellon University
Carnegie Mellon University (CMU) is a private research university in Pittsburgh, Pennsylvania. One of its predecessors was established in 1900 by Andrew Carnegie as the Carnegie Technical Schools; it became the Carnegie Institute of Technology ...
,
University of Pittsburgh
The University of Pittsburgh (Pitt) is a public state-related research university in Pittsburgh, Pennsylvania. The university is composed of 17 undergraduate and graduate schools and colleges at its urban Pittsburgh campus, home to the universit ...
(Ford foundation visiting professor), and the
University of New South Wales
The University of New South Wales (UNSW), also known as UNSW Sydney, is a public research university based in Sydney, New South Wales, Australia. It is one of the founding members of Group of Eight, a coalition of Australian research-intensive ...
(Reserve Bank of Australia visiting professor).
Economic positions
After various academic roles, he became senior economic advisor to
HM Treasury
His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and ec ...
between 1970 and 1974. Alan Budd was featured in
Adam Curtis's 1992 documentary
Pandora's Box
Pandora's box is an artifact in Greek mythology connected with the myth of Pandora in Hesiod's c. 700 B.C. poem ''Works and Days''. Hesiod reported that curiosity led her to open a container left in the care of her husband, thus releasing phys ...
, in which he was being interviewed about his time as economic advisor to the treasury.
![Alan Budd 1970-1974 Economic Advisor To The Treasury](https://upload.wikimedia.org/wikipedia/commons/c/c0/Alan_Budd_1970-1974_Economic_Advisor_To_The_Treasury.jpg)
From 1979 to 1981 he was Special Adviser at the Treasury in
Margaret Thatcher's government. Reflecting on his position during this time, Budd expressed concerns that the policies that were implemented to allegedly reduce inflation might, in fact, have had a hidden agenda. In a documentary interview, Budd postulated that Thatcher's actual goal might have been to deliberately raise unemployment in order to reduce the strength of the working classes and re-created a
reserve army of labour
Reserve army of labour is a concept in Karl Marx's critique of political economy. It refers to the unemployed and underemployed in capitalist society. It is synonymous with "industrial reserve army" or "relative surplus population", except that t ...
to allow capitalists to make high profits.
During the 1980s he was a professor of economics and director of the Centre for Economic Forecasting at the
London Business School
London Business School (LBS) is a business school and a constituent college of the federal University of London. LBS was founded in 1964 and awards post-graduate degrees (Master's degrees in management and finance, MBA and PhD). Its motto is " ...
. Other appointments have included group economic adviser,
Barclays Bank
Barclays () is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.
Barclays traces ...
(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.
Among his activities as an economist, he is a governor of the ''
National Institute for Economic and Social Research
The National Institute of Economic and Social Research (NIESR), established in 1938, is Britain's oldest independent economic research institute. The institute is a London-based independent UK registered charity that carries out academic researc ...
''; 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'' is a quarterly peer-reviewed academic journal of economics. Each issue concentrates on a current theme in economic policy, with a balance between macro- and microeconomics, and comprises an assessment and a num ...
''. He is also a senior adviser to
Credit Suisse First Boston
Credit Suisse First Boston (also known as CSFB and CS First Boston) is the investment banking affiliate of Credit Suisse headquartered in New York.
The company was created by the merger of First Boston, First Boston Corporation and Credit Suisse, ...
and a consultant to the
G8 Group. In 2005, he was appointed to the board of the
IG Group
IG Group is an online trading provider with 290,000 active traders, offering access to spread betting and CFD trading, which allow traders to bet on the direction of equities, bonds and currencies without owning the underlying assets. Establish ...
, a
spread betting
Spread betting is any of various types of wagering on the outcome (game theory), 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, fixed-odds (or mon ...
firm founded by
Stuart Wheeler
John Stuart Wheeler (30 January 193523 July 2020) was a British financier, gambler and political activist. He made his fortune as the founder of the spread betting firm IG Index in 1974, but was best known for his political activism, being a m ...
.
Public profile
Budd was a member of the Independent Review Panel on the Future Funding of the
BBC #REDIRECT BBC #REDIRECT BBC #REDIRECT BBC
Here i going to introduce about the best teacher of my life b BALAJI sir. He is the precious gift that I got befor 2yrs . How has helped and thought all the concept and made my success in the 10th board ex ...
(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 (formerly Fortier; ''née'' Solomon; born 1961) is an American journalist, commentator and magazine publisher and writer; latterly the publisher of British conservative news magazine ''The Spectator''.
Early life
A native of Lo ...
, the lover of
David Blunkett
David Blunkett, Baron Blunkett, (born 6 June 1947) is a British Labour Party politician who has been a Member of the House of Lords since 2015, and previously served as the Member of Parliament (MP) for Sheffield Brightside and Hillsborough ...
, the then
Home Secretary
The secretary of state for the Home Department, otherwise known as the home secretary, is a senior minister of the Crown in the Government of the United Kingdom. The home secretary leads the Home Office, and is responsible for all national ...
; Budd'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
heapplication." Blunkett resigned as home secretary after being told in advance of the report's findings.
Budd was elected
Provost (1999-2008) of
The Queen's College
The Queen's College is a Colleges of the University of Oxford, constituent college of the University of Oxford, England. The college was founded in 1341 by Robert de Eglesfield in honour of Philippa of Hainault. It is distinguished by its pred ...
, Oxford University and is an Honorary Fellow of the College.
In May 2010 he came out of retirement to be the interim Chairman of the
Office for Budget Responsibility
The Office for Budget Responsibility (OBR) is a non-departmental public body funded by the UK Treasury, that the UK government established to provide independent economic forecasts and independent analysis of the public finances. It was formally c ...
, set up by
Chancellor of the Exchequer
The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of His Majesty's Treasury. As one of the four Great Offices of State, the Chancellor is ...
George Osborne
George Gideon Oliver Osborne (born Gideon Oliver Osborne; 23 May 1971) is a former British politician and newspaper editor who served as Chancellor of the Exchequer from 2010 to 2016 and as First Secretary of State from 2015 to 2016 in the ...
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 would not continue in the role after his initial 3-month contract expired.
The ''
Financial Times
The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...
'' reported "His departure was expected and Budd 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."
Honours
Budd was
knighted
A knight is a person granted an honorary title of knighthood by a head of state (including the Pope) or representative for service to the monarch, the Christian denomination, church or the country, especially in a military capacity. Knighthood ...
in the
1997 New Year Honours
The New Year Honours 1997 were appointments by most of the Commonwealth realms of Queen Elizabeth II to various orders and honours to reward and highlight good works by citizens of those countries, and honorary ones to citizens of other countries ...
. He was awarded an Honorary
DSc DSC may refer to:
Academia
* Doctor of Science (D.Sc.)
* District Selection Committee, an entrance exam in India
* Doctor of Surgical Chiropody, superseded in the 1960s by Doctor of Podiatric Medicine
Educational institutions
* Dalton State Col ...
degree by the
University of Salford
, caption = Coat of ArmsUniversity of Salford
, mottoeng = "Let us seek higher things"
, established = 1850 - Pendleton Mechanics Institute 1896 – Royal Technical Institute, Salford 1967 – gained ...
in 2008. He was appointed
Knight Grand Cross of the Order of the British Empire
The Most Excellent Order of the British Empire is a British order of chivalry, rewarding contributions to the arts and sciences, work with charitable and welfare organisations,
and public service outside the civil service. It was established ...
(GBE) in the
2013 New Year Honours
The New Year Honours 2013 were appointments by some of the 16 Commonwealth realms to Orders and decorations of the Commonwealth realms, various orders and honours to recognise and reward good works by citizens of those countries. The New Year Hon ...
for services to economic policy and the
Office for Budget Responsibility
The Office for Budget Responsibility (OBR) is a non-departmental public body funded by the UK Treasury, that the UK government established to provide independent economic forecasts and independent analysis of the public finances. It was formally c ...
.
References
External links
BBC News profile
{{DEFAULTSORT:Budd, Alan Peter
Academics of London Business School
Academics of the University of Southampton
People educated at Oundle School
Alumni of the London School of Economics
Alumni of Churchill College, Cambridge
British economists
Provosts of The Queen's College, Oxford
Knights Bachelor
Knights Grand Cross of the Order of the British Empire
Living people
1937 births