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Home > News and Publications > News Release - Target Two Point Zero results for 18 November 2014
 

News Release - Target Two Point Zero results for 18 November 2014

18 November 2014

The fifteenth annual Target Two Point Zero – Bank of England and The Times Interest Rate Challenge is now underway, with 307 teams across the United Kingdom competing for the Challenge Trophy and £5,000 for their school or college.

During the 42 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 2015, with the national final to be held in March at the Bank of England in London.

Chelmsford | Worcester

Regional heats results from Chelmsford

The team from Ipswich School, won the regional heat held at the Essex County Cricket Club on 18 November. They recommended an interest rate of 0.75% compared with the Bank of England’s official rate of 0.5% set by the Monetary Policy Committee on 6 November 2014. They also recommended a total of £375bn of asset purchases under the Asset Purchase Facility, compared with the £375bn agreed by the MPC on 6 November 2014.

The team from Colchester County High School for Girls were runners up. The other schools in the heat were:  Brentwood School, Great Baddow High School, King Edward VI Grammar School, Chelmsford, Southend High School for Boys, and Southend High School for Girls.

The chair of the judging panel, Andy Murfin, said “A high quality heat and a particularly hard decision between the top two teams”.

Regional heats results from Worcester

The team from King Edward VI School, Stratford-upon-Avon, won the regional heat held at the Worcester Rugby Club - Sixways Conference Centre on 18 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 6 November 2014. They also recommended a total of £375bn of asset purchases under the Asset Purchase Facility, compared with the £375bn agreed by the MPC on 6 November 2014.
 
The team from Alcester Grammar School, were runners up. The other schools in the heat were:  Droitwich Spa High School and Sixth Form Centre, Hereford Cathedral School, Hereford Sixth Form College, Royal Grammar School, Worcester, Stratford Girls’ Grammar School, Stratford-upon-Avon, and The King’s School, Worcester.

The chair of the judging panel, Neil Ashbridge, said “A tough decision and the winners clearly excelled in answering the questions”.
 
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 Target Two Point Zero.
 
 
 
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