Systemic Risk Centre is one the three leading research centres based at LSE that have been awarded transition funding by the Economic and Social Research Council (ESRC) to continue their work. This is as part of a new funding model designed to secure the long-term sustainability of social science research excellence in the UK.
Only eight ESRC research centres in total were granted the transition funding, making the achievement of the three LSE-based centres more notable.
In December 2017 the first ‘transition review’ took place for existing ESRC research centres coming to the end of their five year grant. The review approved continued funding for the following ESRC research centres to undertake pioneering social science research:
- Centre for Macroeconomics: Working towards a stable and sustainable growth path, based at LSE with expertise from Cambridge University, University of Oxford, University College London, the Bank of England and the National Institute of Economic and Social Research.
- Systemic Risk Centre at the London School of Economics and Political Science and co-hosted at University College London.
- Centre for Climate Change Economics and Policy hosted jointly by LSE and the University of Leeds.
ESRC has announced that each of these centres will receive ‘transition funding’ typically equating to 45% of the full economic costs of their original five-year grant funding. For the first time, this will be co-funded with contributions from ESRC (20%) and their host research organisation (25%).
Commenting on the announcement, LSE Director Dame Minouche Shafik said: “We welcome this on-going support which will help to set our leading research centres on a more sustainable footing, while further strengthening the School’s already close partnership with the ESRC. These centres are an excellent example of how social sciences can help tackle the world’s most pressing challenges - with outstanding research which directly informs policy makers.”
The new centres’ transition funding policy follows a review into how the ESRC could continue to foster and sustain the excellence and impact of its centres over the long term, without reducing investment elsewhere.
Further information is available in the Transition Review Application Guidance and Centres Transition Funding FAQs (both available at http://www.esrc.ac.uk/funding/guidance-for-large-investments/esrc-centres-and-institutes/).