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Home > Research > Houblon-Norman and George Fellowships

Houblon-Norman and George Fellowships

Fellowships  |  Application  |  Fellows  |  Visiting Scholars

The Houblon-Norman Fund was established by the Bank of England in 1944 to mark the 250th Anniversary of the Bank's foundation: Sir John Houblon was the first Governor and Montagu Norman was the then outgoing Governor of the Bank. George Fellowships were established within the fund in June 2003 in recognition of the lifelong achievements and service to the Bank of Sir Edward George, and in particular his role as the first chair of the Monetary Policy Committee. These Fellowships sit alongside the Houblon-Norman Fellowships and share the same objective. The Fund is administered by trustees, on the advice of an expert Committee.

Houblon-Norman and George fellowships are awarded "to promote research into and disseminate knowledge and understanding of the working, interaction and function of financial business institutions in Great Britain and elsewhere and the economic conditions affecting them".


The Trustees invite applicants to engage in full-time research on an economic or financial topic of their own choice, preferably one that could be studied with particular advantage at the Bank of England. There is one application procedure that covers Houblon-Norman and George Fellowships. Teaching or other paid work shall not be undertaken during the tenure of the Fellowship without the specific consent of the Trustees. The length of the appointment will be by agreement with successful applicants, but will not normally be less than one month, or longer than one year. Senior Fellowships will be awarded to distinguished research workers who have established a reputation in their field. Fellowships will also be available for younger post-doctoral or equivalent applicants. The total amount distributed in any year rarely exceeds £120,000.

The Fellowship will be tenable at the Bank of England and subject to certain conditions, the successful candidate will be provided with office accommodation and secretarial and other necessary support services.

The award for this appointment will broadly reflect the circumstances of the successful candidate, and will be what appears necessary to enable the work to be undertaken; in appropriate circumstances the award might take the form (in whole or part) of payment to the individual's present employer. A further allowance may be made to cover travelling expenses or other costs incidental to the work.

In considering applications, the Trustees will pay particular regard to the relevance of the research to current problems in economics and finance.

The conditions governing applications for Houblon-Norman and George Senior Fellowships and Fellowships are as follows:

  1. Senior Fellowships will be open to all nationalities. For ordinary Fellowships, however, preference will be shown to British and other EU nationals.
  2. The Trustees are keen that the results of research assisted by them should be published.

In addition, a successful applicant will be expected to comply with any particular conditions laid down, such as the signing of a declaration of secrecy, in respect of the confidentiality of the Bank's business, and to provide reports from time to time to the Trustees on the progress of their work.

Applicants are strongly advised to allow for any increases in costs expected during the course of the research.

Applications will not be considered "out of season" save in exceptional circumstances.


Please contact the Secretary on all matters pertaining to the Fund. The details are as follows:

Monetary Policy COO Division, HO-B
Bank of England
Threadneedle Street
Tel: +44 (0)20 7601 3778
Fax: +44 (0)20 7601 4423


A principal objective of any central bank is to safeguard the value of the currency in terms of what it will purchase. Rising prices – inflation – reduces the value of money. Monetary policy is directed to achieving this objective and providing a framework for non-inflationary economic growth. As in most other developed countries, monetary policy usually operates in the UK through influencing the price of money – the interest rate. However, in March 2009 the Bank's Monetary Policy Committee announced that in addition to setting Bank Rate, it would start to inject money directly into the economy by purchasing assets - often known as quantitative easing. This means that the instrument of monetary policy shifts towards the quantity of money provided rather than its price.

Low inflation is not an end in itself. It is however an important factor in helping to encourage long-term stability in the economy. Price stability is a precondition for achieving a wider economic goal of sustainable growth and employment. High inflation can be damaging to the functioning of the economy. Low inflation can help to foster sustainable long-term economic growth. Hide