National Final Result
The eighth national final of the Bank of England/Times Interest Rate Challenge took place at the Bank of England on 14 March 2008. The Governor of the Bank and Chairman of the Monetary Policy Committee, Mervyn King, presented the Interest Rate Challenge trophy and a prize of £10,000 to The Tiffin Girls' School from Kingston-upon-Thames in Surrey.
Speaking at the presentation the Governor said,"Whatever the outcome each and every school should feel immensely proud for getting this far. This year, a record number of teams have taken part and it’s a great achievement to be in the last six. Like the manager of a football club watching the youth teams, I am excited about the future of the Bank having seen the rising stars pushing for the first team."
The Challenge started with 279 teams from across the United Kingdom competing in regional heats and area finals, which produced today’s six finalists. At each stage the teams had to imitate the Monetary Policy Committee (MPC) process, assessing the UK and global economic conditions to determine the most appropriate interest rate to achieve the Government's 2.0% inflation target. The teams, each of four students, then presented their decision to a panel of judges. The judging panel was chaired by Rachel Lomax, the Bank’s Deputy Governor for monetary policy and member of the MPC, and included two other MPC members - Charlie Bean and Andrew Sentance, and Anatole Kaletsky, Associate Editor of "The Times".
Announcing the winners, Rachel Lomax said, “Right through the regional heats, the area finals and especially today in the national final, the quality of the performances have been extraordinarily high. You all have an impressive grasp of the key economic issues facing the MPC and you have presented the material in fresh and innovative ways, and with great enthusiasm.”
The winner’s, The Tiffin Girls’ School, opted to maintain interest rates at 5.25%.
The team from Loreto College, Coleraine, Co.Derry were the runners-up, winning £5,000 for their school. They recommended an interest rate of 5.25%.
The third-placed team, Leeds Grammar School, who received a cheque for £2,000 for their school, also recommended 5.25%.
The other finalists were:
Peter Symonds College, Winchester
Tonbridge School, Kent
Wolverhampton Girls’ High School, who each received £1,000.
©2000-2008 Bank of England.
