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Home > News and Publications > News Release - Target Two Point Zero results for 20 November 2014
 

News Release - Target Two Point Zero results for 20 November 2014

20 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.

Edinburgh | Leeds | London | Nottingham

Regional heats results from Edinburgh

The team from Stewart’s Melville College, Edinburgh won the regional heat held at the Hilton Edinburgh Grosvenor Hotel on 20 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 George Heriot’s School, Edinburgh were runners up. The other schools in the heat were:  Dollar Academy, George Watson’s College, Edinburgh, Hutchesons’ Grammar School, Glasgow, Merchiston Castle School, Edinburgh, Robert Gordon’s College, Aberdeen, Strathallan School, Perth and The High School of Glasgow.

The chair of the judging panel, Will Dowson, said “All schools delivered high quality presentations, covering the various influences on the economic outlook. We had a mix of policy views and it was a tough decision to pick today’s winner”.
 
Regional heats results from Leeds

 
The team from Birkdale School, Sheffield won the regional heat held at the Weetwood Hall Conference Centre & Hotel on 20 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 Greenhead College, Huddersfield, were runners up. The other schools in the heat were:  Harrogate Grammar School, Heckmondwike Grammar School, Ilkley Grammar School, Queen Ethelburga’s College, York, Tadcaster Grammar School and Wickersley School and Sports College, Rotherham.

The chair of the judging panel, John Young, said “Today’s presentations were intelligent, original and entertaining. The evidence is that Yorkshire will be supplying plenty of top economists in the future”.
 
Regional heats results from London
 
The team from City of London School, won the regional heat held at the Prudential Regulation Authority on 20 November 2014. 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 Chislehurst and Sidcup Grammar School, were runners up. The other schools in the heat were:  Alleyn’s School, Dulwich, Archbishop Tenison’s CofE High School, Croydon, Chobham Academy, Newham, City of London Academy (Southwark), Bermondsey and Darrick Wood School, Orpington.

The chair of the judging panel, Peter Andrews, said “In addition to some sound monetary policy recommendations, the teams showed good awareness of several other current central banking issues”.
 
Regional heats results from Nottingham

 

The team from Nottingham High School, won the regional heat held at Nottingham Racecourse on 20 November 2014.  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 Trent College, Long Eaton, were runners up.  The other schools in the heat were:  Ashby School, Charnwood College, Loughborough, Oakham School, Queen Elizabeth’s Grammar School, Ashbourne, Repton School, Derby and The West Bridgford School, Nottingham.

The chair of the judging panel, Alastair Cunningham, said “Some very impressive presentations.  It’s really encouraging to see so many students applying their theory to the real world in such a compelling way”.
 

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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