Oxford announces David Walton Memorial Fund for doctoral students of economics

11 December 2007

A new scholarship scheme to provide support for doctoral students of economics has been announced by Oxford University. The scholarship is named in memory of David Walton (1963-2006), a member of the Monetary Policy Committee of the Bank of England and Visiting Research Professor at Oxford University.

The David Walton Memorial Fund aims to support one new doctoral student per year for up to three years of their course in economics, in perpetuity. The Fund will cover all University tuition fees and living costs, amounting to £25,000 per annum for each student. The award is open to all students studying for the DPhil degree in the Department of Economics. The first David Walton Distinguished Doctoral Scholarship was awarded in October 2007.

The fund was established in December last year with a lead benefaction from the bank Goldman Sachs. David Walton’s widow, Nicola, has also made a donation. The Fund management committee includes Nicola Walton; members of the University of Oxford Economics Department; Jim O’Neill, Chief Global Economist at Goldman Sachs; Gavyn Davies OBE, former Chair of the BBC Board of Governors and formerly from Goldman Sachs; Mervyn King, Governor of the Bank of England; and Lord Terence Burns, Chairman of Abbey National Plc and President of the Society of Business Economists.

David Walton started his career as an economist at the Treasury and later joined Goldman Sachs where he became Chief European Economist. He joined the Monetary Policy Committee in June 2005. Widely respected in the City, he was elected Chair of the Society of Business Economists in 2003.

David’s widow, Nicola, said: ‘It is an honour for me to be able to support such a fitting tribute to David’s career in economics.’

Governor of the Bank of England, Mervyn King, said: ‘I am delighted that David Walton’s memory will be perpetuated by a scholarship that will support graduate students of economics, the discipline in which he excelled. I hope that one day an economist who has done his doctorate as a David Walton Scholar will follow in his footsteps as a member of the Monetary Policy Committee.’

The Vice-Chancellor of Oxford University, Dr John Hood, said: ‘Oxford is grateful for the support from Nicola Walton and Goldman Sachs and hopes this scholarship scheme, in memory of one of this country’s leading economists, will offer opportunities for the best economists of tomorrow. Oxford is always keen to promote schemes that encourage those with high potential, regardless of their financial circumstances, to pursue their academic goal.’