One of the most influential ministers in H. M. Treasury, Torsten Bell MP delivered the first ever UCL Policy Lab Annual Lecture in Economic Policy this week, entitled Economic Lessons of a Conflict.

Speaking to a standing-room only crowd in the newly renovated Haldane Room, Bell presented a wide-ranging account of the economic implications of the Iran War and the resulting energy shock. His talk included a vigorous defence of the government’s commitment to the energy transition, an account of the reasons to prefer a targeted approach to supporting citizens with their energy bills and a careful assessment of the current fiscal position, including the impact of the crisis on both interest rates and borrowing.

The event concluded with an equally ambitions question-and-answer session, chaired by Marc Stears, Director of the UCL Policy Lab, and with respondents coming from a range of think tanks and policy organisations, including Demos and the Future Governance Forum, and from the Financial Times. The event concluded with a vote of thanks from Head of UCL’s Department of Economics, Professor Fabien Postel-Vinay.

Following the event, Marc Stears said: “It was an enormous privilege for UCL Policy Lab to host Torsten Bell today. Torsten’s intellectual ambition, along with his dedication to both evidential rigour and policy impact, made his lecture the perfect opener of our new annual series.” 

”Heartfelt thanks to Torsten Bell for giving the first UCL Policy Lab Lecture in Economic Policy. The event was an unmitigated success: it was a privilege to see hard facts, economic analysis, and current government thinking all combined into one fascinating lecture. It was the perfect inaugural lecture in what will no doubt be a long and successful series.” Postel-Vinay said reflecting on the inaugural lecture.

The UCL Policy Lab exists to bring leading economists and policymakers into conversation with the university academic community.

You can read the full lecture here, and access the slides.  

Torsten Bell MP was appointed Parliamentary Secretary in HM Treasury and Parliamentary Under Secretary of State in the Department for Work and Pensions on 14 January 2025.

He is an Honorary Professor at the UCL Policy Lab, and was previously Chief Executive of the Resolution Foundation.