News Release
Target 2 Point 5 - The Bank of England/Times Interest Rate Challenge, Results of the Regional Heat in Newcastle upon Tyne on 19 November 2002
19 November 2002
This year's Target 2 Point 5 Interest Rate Challenge is now underway with regional heats taking place at 40 locations around the United Kingdom.
From 18 to 29 November teams of four students from more than 230 schools and colleges are taking on the role of the Bank of England's Monetary Policy Committee, selecting what they see as the most appropriate interest rate to achieve the Government's inflation target of 2.5%. A panel of judges at each centre will be asking them about their choice, looking for the team which shows the clearest understanding of the issues and makes the best-argued case for their decision. The winning team from each regional heat goes on to one of the area finals to be held in February 2003, with the national to be held in March at the Bank of England in London.
The team from Austin Friars School in Carlisle won the regional heat held at Life Conference and Banqueting in Newcastle upon Tyne on 19 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 7 November.
The team from Bede College in Stockton-on-Tees were runners-up, recommending an interest rate of 4%.
The other teams in the heat were Astley Community High School in Whitley Bay, Durham School in Durham City, Royal Grammar School in Newcastle upon Tyne, Stockton Sixth Form College in Stockton-on-Tees and The King's School in Tynemouth.
Note 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.
