SIXTH FORM BANK OF ENGLAND Year 12 Economics trip to ON WEDNESDAY, 4 JULY, WALDEGRAVE'S YEAR 12 ECONOMICS STUDENTS EMBARKED ON A TRIP TO THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD) IN THE HEART OF THE CANARY WHARF, AND THEN VISITED THE BANK OF ENGLAND IN THE HEART OF THE CITY OF LONDON. Annabell P, 12VJA
gave further details about the bank's role and revealed that they have 400,000 gold bars stored underground - worth an incredible £250 billion! To finish off the trip, we had a look around the Bank’s museum and learned more about the evolution of paper money and how market functions have evolved over time to make up our ever adapting global economy today. Finally, we all wanted to try and test our strengths by lifting a genuine 12.5kg bar of gold, worth approximately £400,000 - which impressively a lot of us were successful at!
The day started off with getting to look around the EBRD’s permanent historical exhibition, recounting its successful founding in 1991, their most impactful projects, and the key figures who have shaped their legacy today. I found that the most interesting aspect of this was photos and stories describing the bank’s pivotal role in managing international funds to make the Chernobyl disaster’s site safe; whilst also documenting how the war in Ukraine has affected the site’s exclusion zone which requires urgent repair. This is a conflict that the institution passionately advocates peace for, which was made clear by the discussions that took part in the next session of the day- careers talks from EBRD’s brightest workers. One woman spoke about her career as a climate specialist, whose team advises the bank on environmental issues, policies and international standards. What particularly stood out to me as a student learning about globalisation and economic growth, was how the firm ensures clients adopt sustainable practices whilst
also expanding. This standard of ethical practice was very inspiring, especially when combined with their ethos of inclusivity where they push for equal opportunity in projects for both men and women. Our next stop was the Bank of England, based in the financial district. This gave us insight into the daily roles of the institution. As we have learnt in class, its role in adjusting interest rates and using quantitative easing to control inflation is an important aspect of the economy’s stability. Our talk
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