Getting started
Patrick Allen Founder and Funder of PEF
Patrick studied engineering and economics at Oxford University. His economics tutor was Nick Stern, now Lord Stern , the leading authority on the economics of climate change.
On graduation Patrick forged a career as a solicitor, building and leading his own successful law firm , Hodge Jones & Allen LLP over the next 48 years.
Patrick always maintained an interest in macroeconomics as the force for good in society. A prosperous and stable economy with full employment is the key to growth , health and happiness and provides the funds needed for public services. Macroeconomics is the tool kit to achieve such an economy.
Patrick was a supporter of Keynesian policies (Keynes invented the concept of macroeconomics) which were responsible for the most sustained rise in national income and reduction in inequality in the post war years from 1945 to 1979, a formative time for Patrick who grew up in this time.
Patrick was shocked by the neoliberal policies of Thatcher introduced in 1979 which began the dismantling of the welfare state and essential safety nets to protect the poor and vulnerable . Privatisation of state owned industries , sale of council houses, the reduction in higher rate income taxes, monetarism and attacks on trade unions led to inflation, recessions, a rise in poverty and inequality, a collapse in manufacturing, financialisation of the economy, a waste of the one off boost to the economy from North Sea Oil and the creation of the rentier economy.
Patrick had developed contacts and held meetings with leading economists and academics in the lead up to the 2015 election. They included Ha-Joon Chang, Will Hutton and Danny Dorling.
Patrick worked with Ed Miliband’s team and offered to create an economics council and a rebuttal unit to refute austerity policies and promote progressive alternatives.
After Labour lost the 2015 election, Patrick decided to create his own economic policy think tank. The idea was to promote progressive, Keynesian inspired policy and counter the continuation of the hugely damaging austerity policies of George Osborne and David Cameron introduced in 2010.
PEF was founded following a meeting between Patrick Allen and John Weeks, Emeritus Professor of macroeconomics of SOAS University, in December 2017. Planning for the launch then took place between January 2018 and May 2018.
During this time, a name was agreed – The Progressive Economy Forum , a logo devised and a web site created. Michael Davies was employed as an economist and CLASS provided admin support . Leading economists agreed to join the PEF council. John Weeks became the council coordinator.
The official launch of PEF took place on 17th May 2018 in a committee room at Westminster with around 100 guests including Shadow Chancellor John McDonnell . Patrick Allen introduced PEF and speakers at the launch included Ha-Joon Chang and Caroline Lucas.
From June 2018 , all operations were transferred to the offices of Hodge Jones & Allen at 180 North Gower Street who provide meeting rooms and desk space and admin support.
99% of PEF funding to date has come from Patrick Allen.
