 In 2005, he won the Yrjö Jahnsson Award for European economics and he was awarded the 2010 John von Neumann Award by the Rajk László College for Advanced Studies at Corvinus University of Budapest.Besley was appointed a Commander of the Order of the British Empire (CBE) in the 2010 Birthday Honours for services to Social Science and a Knight Bachelor in the 2018 New Year Honours for services to Economics and
Public Policy.Besley has been married to Gillian Paull since 1993 and has two sons.