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Home > Education and Museum > Frequently Asked Questions
 

Frequently Asked Questions

Many of the answers to the frequently asked questions can be found in the resource manual.  
 
The sections of the manual are:
 
Section A Introducing the Challenge (includes the Challenge rules, what the Challenge involves, heat dates and judging) 
Section B Monetary policy - setting interest rates to control inflation 

Section C The inflation target and the Monetary Policy Committee
Section D Assessing economic conditions and the inflation outlook
Section E Using economic information
Section F The economy - from money to prices (includes guidance for using datasheets)
Section G Making your presentation (includes developing and delivering your presentation, answering judges' questions and the equipment provided).

 
How many teams took part in the 2015/2016 Challenge?
How many teams can we enter from our school?
Is the Challenge only for students studying economics or business studies?
How many students must we have in our team?
Can we enter a team with fewer than four students?
We are holding an internal competition to select our team and cannot meet the deadline for registration. What should we do?
Can we make changes to our team after we have registered the names of our team members?
When and where are heats held?
What time is my presentation? When should I arrive at the venue and how long must I stay? Does it matter if we are unable to stay until the end of our heat?
Can I bring guests to the heats?
Due to unforeseen events, we are no longer able to take part. How do I let you know that we are withdrawing from this year’s Challenge?
 

Taking part


Getting organised

 

What was the closing date for entries?
The closing date for entries was Monday 20 June 2016
 

 

How will places be allocated?
As demand for places will be high we will have to limit the number of entries we accept.  A ballot will be held after the closing date. Where possible places will be allocated to reflect the percentage of state and independent schools in each region. Schools will be notified of the outcome by the end of June 2016.
 

How many teams took part in the 2015/2016 Challenge?
271 participants took part in the Challenge.

 

How many teams can we enter from our school?
Each school or college can enter only one team. The Challenge is popular and we have a waiting list for places each year.

 

Is the Challenge only for students studying economics or business studies?
Although the Challenge will probably appeal mainly to students of economics and business, students studying any subject can take part.

 

How many students must we have in our team?
Each team must consist of four students. The composition of the team and the way in which the team members are chosen is entirely up to teachers and students.

 

Can we enter a team with fewer than four students?
You must have four students in your team. In order to ensure fairness all teams need to have the same number of team members.

 

We are holding an internal competition to select our team and cannot meet the deadline for registration. What should we do?
If you are unable to tell us the names of your team members immediately – because, for example, you intend to hold an intra-class challenge to select your team – please contact us to confirm your place in the regional heats and agree a new date for registering your team.

 

Can we make changes to our team after we have registered the names of our team members?
Team membership should not change during the competition except in exceptional circumstances and with the prior agreement of the Bank.

 

When and where are heats held?
Both regional heats and area championships are held around the UK during the school day.

 

What time is my presentation? When should I arrive and how long must I stay? Does it matter if we are unable to stay until the end of our heat?
You are invited to spend the whole day at the event and take the opportunity to watch other schools’ presentations. However, we realise that it is difficult to be absent from school for the whole day so you may prefer to come only for the morning or the afternoon.  We will notify the winners if they are not present at the end of the event to hear the results, which will also be posted on the website at the end of the day.

 

Can I bring guests to the heats?
You may bring up to two guests. We will contact you about this nearer the time.

 

Due to unforeseen events, we are no longer able to take part. How do I let you know that we are withdrawing from this year’s challenge?
If at any stage you wish to withdraw, please inform us at the earliest opportunity. You can contact us via the methods provided at the bottom of this page. You can also use the withdrawal form.
 
 

Taking Part

 

What is the aim of the Challenge?
Your team has to assess the state of the economy and the outlook for inflation and decide what level of interest rate you would set, and any other monetary recommendation, to achieve the Government's inflation target of 2.0%.  
 

 

What am I expected to do?
You must decide whether or not to change the interest rate from the rate set by the Monetary Policy Committee (MPC) and if so whether to increase it or decrease it, and by how much. Decisions on other policy recommendations are at the discretion of the team. There is no right or wrong answer. It is a matter of judgement. Having made your decision, you must prepare and give a short presentation to a panel of judges arguing the case for your decision. The judges will then ask you some questions.

 

What interest rate should we take as the basis for our decision?
Your recommendation to put rates up, or down, or keep them the same is in relation to the rate set by the MPC at the meeting prior to the team making its presentation to the judges. 

 

What about quantitative easing?
The essence of this year's Challenge remains for teams to decide whether or not to change the interest rate from the rate set by the Bank's Monetary Policy Committee. But since March 2009, the Bank has been injecting money into the economy to boost spending to meet the inflation target. This is often referred to as quantitative easing and like the MPC, teams might want to consider the option of injecting or withdrawing more money from the economy to meet the inflation target. To help teams with this, they should read Section C of the Target Two Point Zero resource manual entitled 'Quantitative easing - injecting money into the economy'. It explains how quantitative easing works and provides guidance to teams on offering their thoughts on measures to change the supply of money in the economy in addition to explaining their decision on the interest rate.

 

Do we have to reach agreement about the interest rate?
No. But differences of opinion must be explained.  

 

What version of PowerPoint should we use?
Presentations must be Microsoft PowerPoint 2010. They should be stored on USB memory stick but the data should not be compressed i.e. no zip files.

 

I have a question which is not answered here. Where can I get help?
You can contact the Target Two Point Zero team:

E-mail: targettwopointzero@bankofengland.co.uk
Tel: 020 7601 5366

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