The UK’s Economic and Social Research Council (ESRC) has recognised LSE’s Centre for Economic Performance (CEP) as a global centre of excellence by granting it official ESRC Research Institute status. The title acknowledges CEP’s work as demonstrating sustained strategic value to the ESRC, as well as to the broader social science research landscape.

The new ESRC Institute status is part of a package of changes in funding policy for ESRC centres and marks a change in the way that the Council will fund a small number of strategically important centres that have been persistently successful in open competition.

Only two research institutes have received the ESRC Institute recognition so far, CEP and the Centre for the Microeconomic Analysis of Public Policy.  Both of these centres have demonstrated significant impact over the long term on public debates around policy in their areas, particularly in economic and fiscal policy. They are also key centres of excellence for training researchers, building expertise and skills within the UK research community in these areas, to compete at an international level.

To qualify to apply for the status a centre will have successfully applied for ‘ESRC centres’ funding a minimum of three times (meaning a minimum of 15 years ESRC funding).

Institute status will provide long-term funding (with review every five years) to pursue independent research into ongoing, complex research and societal challenges, as well as to respond promptly in cases of national need.

Commenting on the announcement, Professor Stephen Machin, Director of CEP, said: “My colleagues and I at the Centre for Economic Performance are delighted to be awarded ESRC Institute status. This is testament to the achievements since the Centre was first set up in 1990 and its significant impact on a wide range of policy over the years. We very much look forward to working with the ESRC to continue to respond to social and economic changes and seek answers to key contemporary economic questions, as well as developing new, ambitious research areas.”

Professor Julia Black, Pro Director for Research at LSE, added: “CEP is a dynamic and creative research group at the heart of the School and the award of ESRC Institute status is recognition of their outstanding contribution and longstanding leadership in this field.  We are delighted for CEP colleagues, past and present, and proud that LSE is among the first institutions to be host to one of the new ESRC institutes.”