Toby Watt

Senior Economics Analyst

Economics team


Toby Watt is a Senior Analyst in the Economics team and a part time PhD student at the London School of Hygiene and Tropical Medicine.

Toby joined the team in November 2014 as an analyst. Upon joining he adopted the team's work on health care spending projections, providing analysis of demand pressures that underpinned Making change possible: a Transformation Fund for the NHS, in collaboration with The King's Fund. This analysis was then applied to the NHS in Wales, leading to his first publication as a leading author – The path to sustainability.

As part of the team’s strategic move towards research in health, Toby has been working on nutrition, demand for food and the effect of diet on population health. This research includes an assessment of the impact of the sugar-sweetened beverage tax and the impact of food price promotions on consumer behaviour and nutrition. The latter will contribute to a PhD thesis in Health Economics at the London School of Hygiene and Tropical Medicine. He is also currently working on a joint research stream with The King's Fund, investigating alternative funding options for adult social care in England.

Toby was promoted to Senior Analyst in January 2017, developing a role as the economics team’s econometrics expert.

Prior to joining the Health Foundation, Toby had 2 years’ experience as an economic consultant, specialising in competition economics. Toby earned a distinction in his master’s degree in Economics from University College London and a first in his undergraduate degree from the University of Bristol.


Research report

The path to sustainability

This report analyses the demand and cost pressures facing the NHS in Wales up to 2019/20 and in the decade beyond.


Making change possible

This report draws on analysis conducted by the Health Foundation and The King's Fund, in particular six case studies of fundi...

Latest articles

Research project

Fiscal sustainability of the NHS in Wales

This project will provide medium- and long-term projections of spending pressures facing the NHS in Wales, identifying the ke...


Did funding cuts in health and social care budgets lead to excess mortality in England?

Does the latest research into the impact of austerity in health and social care on mortality establish a clear causal relatio...

Research report

Securing the future: funding health and social care to the 2030s

This research looks at how much health spending would need to rise to provide the level of service it does today and how much...

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