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Home > News and Publications > News Release - Regional heat results from Chelmsford on 29 November 2013

News Release - Regional heat results from Chelmsford on 29 November 2013

29 November 2013

Target 2.0The fourteenth annual Target Two Point Zero – Bank of England and The Times Interest Rate Challenge is now underway, with 302 teams across the United Kingdom competing for the Challenge Trophy and £10,000 for their school or college.

During the 41 regional heats, teams of four students, aged 16 to 18, will analyse UK and global economic data and their possible impact on inflation and the economic outlook for the UK - just as the Bank of England Monetary Policy Committee does each month. The team must then decide if current monetary policy is appropriate or needs to be adjusted, to meet the 2.0 per cent inflation target set by the Government.  In a presentation to a panel of Bank of England judges the team explains their decision then justifies it through their answers to questions from the panel.  The winning team from each regional heat goes on to one of the six area finals to be held in February 2014, with the national final to be held on 28 March at the Bank of England in London.

The team from King Edward VI Grammar School, Chelmsford won the regional heat held at Essex County Cricket Club, Chelmsford on 29 November.  They recommended an interest rate of 0.5% compared with the Bank of England’s official rate of 0.5% set by the Monetary Policy Committee on 7 November 2013. They also recommended a total of £375bn of asset purchases under the Asset Purchase Facility, compared with the £375bn agreed by the MPC on 7 November 2013.

The team from Westcliff High School for Boys, Westcliff-on-Sea were runners-up.  The other teams in the heat were:  Chelmsford County High School for Girls; Great Baddow High School, Chelmsford; Ipswich School; Brentwood School and Colchester County High School for Girls.

The chair of the judging panel, Andy Murfin, said “A very close call, but the winners demonstrated a remarkable grasp of both UK and international monetary policy and an impressive ability to marshall data”.

Notes to Editors

If you would like to take a photograph of the team(s) from your area or would like to interview team members, please call the Bank of England Press Office on 020 7601 4411 for contact details.

For further Challenge information see: