News Release
Target 2 Point 5 - The Bank of England/Times Interest Rate Challenge, Results of the Regional Heat in Farnham on 22 November 2001
22 November 2001
The first round of the Target 2 Point 5 Interest Rate 'Challenge' is taking place between 19-30 November in locations across the UK.
At each of the 40 regional heats, 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 interest rate they would set to meet the Government's inflation target of 2.5%. The winning team from each regional heat will go forward to one of the area finals to be held in February 2002.
The team from Wellington College in Crowthorne won the regional heat held at Waverley Abbey House in Farnham on 22 November. They recommended an interest rate of 3.75% compared with the Bank of England's official rate of 4%, set by the Monetary Policy Committee on 8 November.
The team from Peter Symonds College in Winchester were runners-up. They recommended an interest rate of 4%. St George's College in Addlestone, The Ashcombe School in Dorking and Tormead School in Guildford 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 phone the Bank of England Press Office (0207-601 4411) for contact details.
