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Sixth-former Hardik Ingale won a visit to Downing Street and a tour of the Treasury after reaching the final of the Young Economist of the Year competition.

Hardik’s essay was one of only five entries to reach the final in the Discover Economics contest, which was backed by the Royal Economic Society.

He impressed the judges with his carefully researched exploration of How can economics explain the high price of a supercar?

Head of Economics Krishna Shah said: “Hardik entered the competition on his own initiative during the summer holidays and was meticulous in his approach. I congratulate him on this considerable success.”

Hardik’s choice of topic reflected his interest in Formula One.

His research included:

• Academic articles from the JSTOR digital library;
• Online articles offering diverse perspectives;
• YouTube videos explaining supercar production and market dynamics;
• Investigation into car companies, their products, and economic strategies.

His central argument was that the high price of supercars could be attributed to multiple economic factors – including high manufacturing costs, the costs involved in developing technological innovation and in maintaining the exclusivity of a brand, and the dominance of a small number of firms in this market. Most of all, though, he placed a strong emphasis on psychological factors – including the motivations consumers, who buy supercars for their value as status symbols.

The final of the competition was held at accountants’ KPMG’s offices. Hardik, who is in Year 12, gave a ten-minute presentation, which was followed by a five-minute question-and-answer session with the judges, who were drawn from Government policy bodies as well as the Financial Times, who sponsored the competition, together with KPMG UK.

Hardik, who hopes to read Economics or Finance at university, described his trip to Downing Street as “amazing”. As well as being photographed outside Number 10, he visited 11 Downing Street, the official residence of the Chancellor of the Exchequer, meeting the head of the Government Economic Service, Sam Beckett. He also toured the Treasury and met officials there, enjoying some discussions about careers in public service and government. The day even included meeting Number 10’s famous feline resident, Larry the cat!

The shadow of the 47th president of the USA looms large over the latest edition of The Econobethan – QE’s pupil-run Economics journal.

Under the overall theme of International Relations, the 24th edition of the publication includes a special front section headed Has Trump damaged the dollar? which looks at the impact of tariffs and at the dollar’s role as the world’s reserve currency.

Articles in the main body of The Econobethan mostly home in on specific nations, examining, for example, the economic cost of India and Pakistan’s damaged relations, or how recent problems have harmed the reputation of China’s Belt and Road Initiative.

Citing the maxim of US founding father Benjamin Franklin that ‘no nation was ever ruined by trade’, Economics teacher and Enrichment tutor Celia Wallace said:  “This is a rich and thought-provoking edition, offering a range of perspectives on how nations interact and the economic outcomes of those interactions.”

The 50-page edition was overseen by the Year 12 editorial team of Zain Ahmed, Shourya Garg, Adithya Raghuraman and Shuban Singh.

In their introduction, they write: “The first section of the edition focuses on one of the more recent, prevalent points of contention in international relations debates…

“The articles in this section argue for and against Trump’s international policy, specifically focusing on its effect on the dollar.”

Among the writers here is Year 11 GCSE economist Vu-Lam Le-Nguyen, whose piece is entitled: The Method Behind the Madman Theory: how President Trump’s second-term agenda has affected the US dollar. He begins by explaining that the Madman Theory, also known as the Unpredictability Doctrine, is not without precedent, having reportedly been adopted by President Nixon, too. After setting out some of Donald Trump’s decisions, and his ‘promises of bold economic growth’ occurring at the same time as a $2.8 trillion jump in national debt, Vu-Lam says he hopes to ‘shed light on the rationale behind this apparent madness’.

Regarding the main section, the editorial adds: “Articles focus on the development of relationships, including the formation of the UN and the UK’s international status as both an empire and a leader of diplomacy.

“They also consider the economic vulnerability of nations when relations falter, such as the breakdown of trade blocs and the effects on landlocked nations. This edition helps to show the complexities of international relations as well as the domino-like knock-on effects of unsuitable international policy.”

Contributors come from Years 9–11. Many illustrate their articles with tables and graphs.

Others, such as Year 11 GCSE economist Aayush Shukla, in his piece on China’s economic history (From Footprints to Footing: The Evolution of China), or his fellow Year 11 pupil, Noah Morley, on his historical exploration of Japan’s relationship with Europe (Japan’s Evolving Relationship with Europe), use photographs or reproductions of paintings.

• The Econobethan may be read here.

QE’s in-house Economics magazine has proved so popular throughout the School that it has been opened up to younger boys for the first time.

Issue 23 of The Econobethan, which has as its theme South America Uncovered, features contributions from boys in every year group from Year 7 right through to the Sixth Form. In addition to Economics, it includes articles related to Politics, History and Sociology.

Economics teacher Celia Wallace said: “It’s another brilliant edition – this time on all things South American. This magazine is entirely student-run – their topics, their ideas, their articles.”

Twenty submitted pieces, spread over 35 pages, are divided into two sections – on Economic Development and Economic Setbacks.

In their introduction, the Year 12 editorial team of Shuban Singh, Adithya Raghuraman, Shourya Garg, Zain Ahmed explain this division: “The continent of South America currently stands at a crossroad of economic transformation…South America’s attempts at growth have been both dynamic and challenging; shaped by the different policy experimentation and integration into the global market. [The Economic Development] section delves into this pursuit of economic expansion, where reforms have coexisted alongside certain vulnerabilities.

“Yet, despite progress, profound structural weaknesses persist as financial crises, inflation, corruption, and political instability continue to undermine long-term growth. [The Economic Setback] section examines the vulnerabilities that have held South America back, as well as the policy choices that may determine its future trajectory.”

The young writers range far and wide both in terms of themes and geography. For example, Year 12’s Amogh Pai looks at The Ecuador-Canada Trade Deal, while Mukunth Natarajan, also of Year 12, explores How the Metrocable Transformed Medellin (covering the impact of a gondola lift in Colombia’s second-largest city). From among the Lower School writers, Year 7’s Ibrahim Abbas digs into The Lithium Boom in South America.

Year 11 pupil Shubhay Chawla focuses on 20th-century history with his article, US Cold War Policy’s Impact on South America, as does Zain Ahmed in his study of a famous South American dictator’s economic policy, Pinochet and Chile’s Intro to Neoliberalism.

Others, however, fix their attention firmly on the years and decades to come: Azlaan Ali, of Year 8, asks How will Foreign Direct Investment Impact South America? and Mayank Jagetia, of Year 9, considers Is Dollarisation the Future for South America?

• Those with access to the eQE portal may read this and previous editions of The Econobethan here.

Sixth-formers Karan Somani and Samrath Sareen have won the FT’s Schools Champion Award after stirring up huge interest in the news organisation’s work among their fellow pupils.

Having been selected for the FT Student Advocate Programme, the pair threw themselves into the role, securing 94 sign-ups from other QE boys keen to read the FT and find out more about its work. This figure was the highest for any school worldwide.

Head of Economics Krishna Shah said: “Karan and Samrath are to be congratulated on the great commitment they showed to the FT programme. I know they have benefitted significantly from all that it has to offer.”

The Student Advocate Programme gives up to three pupils from each participating school the opportunity to develop ideas on how the FT can better engage with young people and to raise awareness of the benefits of reading it.

Karan praised the programme: “As a student with a great passion for economics, it’s been helpful to learn more about stylistic writing and the technique to create informative content at the highest levels.

“The interactive webinars and sessions with members of the editorial team have been a great way to expand my knowledge around current affairs and the general economic state of the country.”

As part of their involvement, Karan and Samrath gave a talk to the Gresham Society (QE’s Economics society), in which they critically analysed the impacts of the most recent decisions of the Bank of England’s Monetary Policy Committee (MPC) on the economy. Another focus of attention was the economic policy of President Trump.

“The presentation at the Gresham Society was a great success, and it was very interesting to hear different opinions about Trumpian politics and its impacts on the politics and trade relations across the world,” said Karan.

During the programme, the pair were set a series of tasks. These, said Samrath, “allowed us to deepen our understanding and interest of key economic and financial principles, such as the large-scale impact AI is currently having on the economy”.

Samrath added: “It was great to see how many students in our School regularly read the FT to aid and enhance their studies. My favourite part of this programme was interacting with like-minded students from around the world.”

The pair won a £50 gift voucher and a certificate as their prize for winning the award.

As part of the School’s involvement with the FT, its Head of Visual and Data Journalism, Alan Smith, came in to give a lecture earlier this year.

He recounted to the boys his own educational journey. He had pursued A-levels and higher education when that was not the norm for those from his background, and he also seized an opportunity to study abroad, thereby gaining skills which he would not otherwise have learned.

Ahsan Rahman, of Year 11, said: “We heard about how technology and different forms of data analysis have helped Alan within his articles to display very complex information in a digestible form for their readers.”

Eesa Bhaijee, also of Year 11, added: “Alan stretched the boundaries of data presentation through his sonification [use of non-speech audio] of the US yield curve, making it accessible to a wider range of audiences, including the visually impaired community.”

Both Eesa and Ahsan were especially impressed by the work Alan and the FT team had done to bring to life the Moniac (Monetary National Income Analogue Computer). Designed as a teaching device, this was created in 1949 by London School of Economics (LSE) student Bill Phillips, using water to show how money flows around an economy. At least 12 were built.

In collaboration with Cambridge University, home of one of the last working original Moniacs, an FT project team created the FT Money Machine, which bridges the gap between the Moniac’s  historical analogue computing and modern digital learning, using the Apple Vision Pro headset to blend digital content with the physical world.

It was, said Eesa, simply “mind-blowing”.

This month’s edition of the Econobethan, entitled Halfway to Tomorrow, looks both backwards and forwards.

QE’s student-run Economics journal reflects in its first section on the profound changes of the past five years, looking especially at the lasting impact of the pandemic.

In its later pages, the focus shifts to the future – although not without exploring the current moment in global affairs: there is extensive coverage of the impact of US President Donald Trump’s economic actions since he took office.

Economics teacher Celia Wallace said: “The students have outdone themselves with this 22nd edition, which is a thought-provoking exploration of the economic, social, and political transformations shaping our world in 2025 and beyond.”

The 36-page publication features 20 articles from boys in the senior years. The contributors, all drawn from Year 10 and above, include the editorial team, which comprises four Year 12 A-level economists: Zain Ahmed; Shourya Garg; Adithya Raghuraman; and Shuban Singh.

In their introduction, the team draw attention to how the global economy has changed since the pandemic – “a world reshaped by necessity”.

As to the future, it is “exciting yet unnerving”. They highlight the challenges presented by a “global duality”, with “the promise of growth-driving technological advancement through global cooperation standing in stark contrast to rising nationalist protectionism.

“As you delve into these pages, the editorial team encourages you – the readers – to ponder on the ideas you’re introduced to. Beyond merely predicting our collective future, some of these voices may help shape it,” the four editors conclude.

The first section of the Econobethan examines shifts in consumer behaviour, supply chain disruptions, and evolving labour markets. It offers a nuanced analysis of how different industries have adapted – some thriving, while others continue to navigate post-pandemic uncertainty.

The articles include:

• The COVID-19 Recovery: A Flop? by Adam Liang, Year 12
• The Israel-Hamas Conflict by Jasmaan Sahota, Year 11
• The Rise of Remote Working by Advay Bhat, Year 11.

The second section assesses the economic implications of current geopolitical events and covers topics such as nuclear risks, potential trade wars, technological growth, and sustainability challenges.

Here is a sample of the titles of the 12 articles in this section:

• Slowbalisation: The Advent of a New Trade War by Vu-Lam Le-Nguyen, Year 11
• The Political and Economic Impact of Refugees by Muhamad Mohamed, Year 12
• The Future of Growth: Tech by 2030 by Daksh Vinnakota, Year 12.

Those with access to the School’s eQE portal can read the Econobethan here.

Final-year pupil Avi Juneja was invited to the Foreign Office after winning a prestigious essay competition, beating off competition from 600 other entrants.

Avi triumphed in the Next Generation Essay Economics competition – run by the Foreign, Commonwealth and Development Office (FCDO) and London School of Economics and Political Science (LSE) – with his submission focusing on debt payments by developing countries.

It was Avi’s second major competition win of the year: in the spring, an essay he wrote on the gig economy took overall first prize in a competition organised by Northeastern University London.

Headmaster Neil Enright said: “My sincere congratulations go once again to Avi, who researched and wrote his essay in his own time on a topic which intrigued him – he thus embodies very well the spirit of academic curiosity and free-thinking scholarship that we seek to nurture at QE.”

The Next Generation competition was open to any UK school pupils. Entrants had to pick one of four questions, all of which looked at major economic challenges facing their generation.

Avi selected this question: According to the UN, 3.3 billion people now live in countries where debt interest payments are greater than expenditure on health or education. What actions could governments globally take to ensure debt does not prevent investment towards development?

“One reason that I chose this question over the others is that I had read a book called Austerity written in 2013, which mentioned how Greece suffered from the sovereign debt crisis,” he said.

“Having read that Greece had won the Economist’s best performing economy of the year in 2023, I wanted to bridge the gap and see what could be done to transform a nation so significantly.

“Leading on from that, I was keen to understand more about the esoteric topics of bond markets and debt instruments, as they have such tangible effects for citizens in an economy.

Avi, who is currently applying to read Economics at Cambridge, said that his research for the essay was much longer than that for previous competitions. “It took a while to grasp a lot of the complex ideas like bond premiums, payoff structures and cyclicality of demand for bonds: I think it was a week where I researched for the essay in my free time, letting the sources take me down rabbit holes before I eventually felt I understood enough to write it.

“I advocated for the use of State-Contingent Debt Instruments* and more stringent transparency requirements to alleviate the pressures of high debt interest payments faced by many nations.”

The actual writing took a few hours in his local library.

During his visit to the historic building in Whitehall, Avi met both the FCDO’s Chief Economist, Adnan Qadir Khan, and Deputy Chief Economist, Fergus Cumming, and discussed with them what he had written. Also there were the competition’s runners-up and shortlisted entries. Professor Khan said Avi’s success was “a fantastic achievement, considering we had 600 entries this year!”

Avi added: “The Foreign Office is incredibly grand and ornate, so I feel very fortunate to have seen it. There was also a cash prize of £500, which is always nice.”

*State-Contingent Debt Instruments (SCDIs) are instruments that link a sovereign state’s debt service payments to its capacity to pay, with that capacity linked to real-world variables or events.