We invited UK school and college students, aged between 16 and 19, to send us a blog of up to 500 words on this year’s theme: the economy and climate change.
The final selection of a winner and a runner up was made by our panel of judges: David Hendry, Professor of Economics at the University of Oxford; Chris Giles, Economics Editor of the Financial Times; and Sarah Breeden, Executive Director for UK Deposit Takers Supervision at the Bank.
The quality and breadth of the entries impressed the judges. The posts they selected spanned a range of different issues, including businesses nudging their customers to consume sustainably and budgeting for our critical but challenging transition away from fossil fuels.
After much careful deliberation India Loader, 17, from Salisbury, who attends South Wilts Grammar School, was chosen as this year’s winner. Her blog 'Loss aversion: the concept every supplier should be utilising to tackle climate change', is in Bank Underground.
The blog considers the relative success of the imposition of a 5p charge on plastic bags on reducing bag usage versus the discount offered by some coffee shops for customers using reusable cups. While the number of plastic bags used plummeted 85%, it is estimated that just 2% of customers bring their own reusable cups to coffee shops.
The judges said the blog was 'neat and to the point, clearly argued and showing knowledge of behavioural economics and how to deduce its implications to explain an otherwise puzzling response'. They added that it was a 'clever use of the limited medium of a blog'.
We are also publishing the post selected as runner-up, 'Thrive or dive: can our economy weather the climate crisis?' written by Marco Minasi-Smith, 17, from Kentish Town, who attends Fortismere School, London.
Find out about previous competition subjects and winners.
We will launch our next blog competition later this year.