Last year's Challenge
279 schools and colleges from all parts of the UK took part
in the eighth year of Target Two Point Zero - the Bank of England
and The Times Interest Rate Challenge. The Challenge involves a team
from each school determining the most appropriate level of interest
rate for the UK in order to meet the Government's inflation
target of 2.0%.
The Challenge ran from September 2007 - March 2008. Following
the regional heats in November 2007, 42 regional winners went
forward to the area finals in February 2008, which produced
six national finalists. The national final, which was held at
the Bank of England in London in March 2008, was hosted by Mervyn
King, Governor of the Bank and Chairman of the Monetary Policy
Committee.
The winners in the eighth year of the Challenge were The Tiffin Girls' School from Kingston-upon-Thames, who won the Interest Rate Challenge trophy and £10,000
for their school.
The runners-up were Loreto College from Coleraine, Co.Derry.
They received a prize of £5000 for their school. The third
place team, Leeds Grammar School, received a prize
of £2000. The other finalists, who each received £1000
for their school or college were, Peter Symonds College in Winchester, Tonbridge School, Kent and Wolverhampton Girls' High School.
In the national final, the teams presented the case for their
interest rate decision to a panel of judges chaired by Rachel Lomax, the Bank's Deputy Governor for monetary policy, and a
member of the Monetary Policy Committee and included two other
MPC members - Charlie Bean and Andrew Sentance - and Anatole Kaletsky, Associate Editor at "The Times".
Read below what some of the national finalists have said
about their experience of the Challenge.
National champions 2007/2008
The Tiffin Girls’ School
"The Challenge is a tremendous, intellectually stimulating opportunity to get grips with monetary policy. The difficult decisions the MPC faces this year were brought into focus by the competition and offered all the students an insight into the world of policy making."
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National runners-up
Loreto College
"The competition is an excellent teaching tool which brings Monetary Economics out of the textbook and into the real world. It proved to be an invaluable learning experience for the team members and the class as a whole and certainly encourages the teacher to keep abreast of current issues.
Participating in Target Two Point Zero has been a magnificent opportunity for all of us to gain an insight into financial economics, the financial sector and the Bank of England. It was exceptionally enjoyable and was an experience we will certainly all remember and treasure."
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National finalists – third place
Leeds Grammar School
"The competition is a great way of bringing current economic problems, and all the theories surrounding them, into the classroom. It's a stimulating, demanding and extremely rewarding experience for everyone involved."
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National finalists
Peter Symonds College
“The competition provides an excellent extension activity for our students. They really enjoyed taking part and have greatly valued the experience of meeting the other contestants and the professional economists who acted as judges. In addition to becoming better economists the students have acquired and developed many important life skills by taking part in the competition such as team work, research, ICT skills and delivering presentations. All the Economics teachers and students at the College are very proud of the team. They have worked hard to gain such a good understanding of the UK economy and the process of monetary policy.
The students felt that it has been an exhilarating experience to present in front of real economists. Discussing economic issues together as a team and even carrying out their own surveys has allowed them to engage in real economics. It has helped them to experience the subject in a new light. It was great to be called 'good economists' by such esteemed judges."
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National finalists
Wolverhampton Girls’ High School
"Target 2.0 is a tremendous competition and an exciting and challenging way of understanding the current issues facing the MPC."
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National finalists
Tonbridge School
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