CITY: decoding the world of finance

Gillian Tett, assistant editor, Financial Times

When it comes to success in the world of finance, breaking the financial story of the decade – the credit crunch – ranks right up there. Forty-two-year-old Gillian Tett was one of the first to report it. ‘Five years ago, I realised there were huge chunks of shadowy activity that were not being covered; I became curious,’ she says.

This wasn’t popular with the financial sector. ‘At the 2007 Davos World Economic Forum, one of my Northern Rock stories was waved around to illustrate how people misunderstood what was going on,’ she says.

Tett’s social-anthropology background was key to her approach in the City. ‘I was trained to look at how different pieces fit together,’ she says. ‘It was like trying to make sense of an alien village that 99.9% of the UK had no idea existed.’

She’s the first to admit financial reporting hasn’t always thrilled her. ‘Initially, like a lot of women, I thought it was off-putting,’ she says. ‘Then I realised bankers and economists dress up their craft in scary language to maintain power. But it’s just a language, and you can learn it. If you want to understand the world, you have to know who’s controlling the money.’

And Tett is passionate about financial literacy for everyone. ‘Treat finance like you treat food. No-one says, “I can’t be bothered to find out what kind of food I’m putting in my body because it’s all a bit complicated.” You need to understand the basics of finance, or you leave yourself vulnerable.’

What the judges said:
Sam Baker: ‘Gillian blew us away. Her passionate belief in financial literacy for women is just the icing on the cake.’

Karren Brady: ‘Gillian is a determined woman. Sticking by such a major story, that she truly believed in, is very courageous.’