John specialises in the economics of the financial services sector and the application of economic modelling techniques. He brings experience of working with leading banks, insurers, consumer credit companies, blue-chip companies, associations and regulators. He has prepared studies for a wide range of issues including consumer behaviour, competitive dynamics, optimal pricing, taxation and economic impact. John has experience of market studies, commercial due diligence, regulatory investigations, investment appraisal, and modelling business strategy. Before joining Oxera in 2011, John worked in the economics and strategy consultancies of two of the global ‘Big Four’ accountancy firms. He has also worked for the UK Government Economic Service.

Selected project experience

  • Assisting a consumer lender in developing its commercial strategy through market analysis, product review and the application of behavioural economics (2015–16)
  • Assisting a financial services company under a Section 166 regulatory review (2015)
  • Conducting a behavioural experiment for the Financial Conduct Authority (2015–16)
  • Assessing potential regulation of investment advice for a Spanish bank (2015)
  • Assisting in the successful merger clearance of two retirement income product providers (2015)
  • Advising a consumer credit provider with regard to UK financial services regulation (2014–15)
  • Advising financial services firms with regard to the application of behavioural economics in FCA market studies and regulation (2014–16)
  • Advising a retail bank on profitability analysis in the Competition and Markets Authority market investigation (2015)
  • Assisting a leading motor insurance provider in a Competition Commission market investigation (2013–14)
  • Conducting a study into the potential economic impact of the proposed European Commission regulation of commodity benchmarks (2013–14)
  • Facilitating a review of the funding mechanisms for a major UK regulator (2013)
  • Assessing the case for amending the Financial Services Compensation Scheme levy for the British Insurance Brokers’ Association (2013)
  • Conducting an econometric study of the efficiency of a major UK communications company (2012–13)
  • Assisting a short-term consumer credit provider in the Competition Commission market investigation (2013–14)
  • Examining the role of age and disability in insurance pricing for Insurance Europe, the European insurance federation (2012)
  • Assessing the costs and benefits of introducing competition into the Brazilian market for trading and post-trading services (2012)
  • Study of private pension systems across Europe, for the European Commission (2012)
  • Reviewing the European Commission proposals for a financial transaction tax for the Association for Financial Markets in Europe (AFME) (2011­–13)
  • Assessing the impact on consumers of a change in insurance pricing regulation for GDV, the German insurance association (2011)
  • Commercial due diligence assessment for a major banking sector asset sale (2011)
  • Statistical analysis of oil smuggling in a forensic investigation conducted for the Ministry of Petroleum in Saudi Arabia (2009–10)
  • Investment appraisal of a potential sale of the student loan book for the Department for Innovation, Universities and Skills (2008–09)
  • Modelling travel company insolvency for the ATOL system run by the UK Civil Aviation Authority (2007)
  • Developing stress-testing scenarios for HSBC Global (2006–07)
  • Modelling uncertainty in the UK housing market for structured mortgage-backed security issuance by a major international bank (2006)
  • Conducting economic analysis of the TV advertising market for Ofcom (2004–05)
  • Project finance modelling and cost of capital determination, for projects including a central Asian oil pipeline and a European toll road (2001–04)

Selected publications

  • Raven, J. (2006), ‘Modelling UK house price uncertainty’, PwC UK Economic Outlook, November. Also presented results in short slots on Bloomberg TV and BBC News 24.
  • Raven, J. (2005), ‘Evolution or revolution – what is the future for TV advertising?’, MediaWeek, 11 January.
  • Robinson, B., Ping Low, L. and Raven, J. (2005), ‘Paying for Public Service Television in the Digital Age’, chapter 6 in Can the Market Deliver? Funding Public Service Television in the Digital Age, John Libbey Publishing.
  • Raven, J., Hoehn, T., Lancefield, D. and Robinson, B. (2004), ‘Economic Analysis of the TV Advertising Market’, PwC Economics report for Ofcom, December.
  • Raven, J. (2004), ‘How affordable is UK household debt?’, PwC UK Economic Outlook, July.


  • MSc Economics, London School of Economics
  • BA Philosophy, Politics and Economics, Oxford University