News Release
Target 2 Point 5 - The Bank of
England/Times Interest Rate Challenge Results of the Regional Heat in
Maidstone on 21 November 2000
21 November 2000
The first round of the Bank of England/Times Interest Rate Challenge, which involves 35 regional heats, is taking place, between 20 November and 1 December in locations across the United Kingdom.
At each heat, the teams representing the schools and colleges participating in the 'Challenge' are taking on the role of the Bank of England's Monetary Policy Committee and making a presentation to a panel of Bank of England judges. Each team, of four students, must assess economic conditions and the outlook for inflation, and decide what level of interest rates they would like to set to meet the Government's inflation target of 2.5%. The winning team from each of the regional heats will go forward to one of the six regional finals to be held in February 2001.
The team from Gravesend Grammar School in Gravesend were the winners of the regional heat held at Oakwood House in Maidstone on 21 November. They recommended an interest rate of 6.25% compared with the Bank of England's official rate of 6%, set by the Monetary Policy Committee on 9 November.
The team from Sir Roger Manwood's School in Sandwich were the runners up in this heat, they recommended an interest rate of 6%. Chatham Grammer School for Boys in Chatham and the Grammar School for Girls Wilmington in Dartford also participated in this heat.
Notes to Editors
If you are interested in taking a photograph of the team(s) from your area, or in interviewing team members, please contact the Bank of England Press Office for contact details.
Further information is available on the Bank of England's website: www.bankofengland.co.uk/target2point5
