News Release
Target 2 Point 5 - The Bank of England/Times Interest Rate Challenge, Results of the Regional Heat in Manchester 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 Rainford High Technology College in St Helens won the regional heat held at The Museum of Science and Industry in Manchester on 19 November. They recommended an interest rate of 4% compared with the Bank of England's official rate of 4%, set by the Monetary Policy Committee on 7 November.
The team from Eccles College in Manchester were runners-up, recommending an interest rate of 4%.
The other teams in the heat were Bury Grammar School for Boys in Bury, Cheadle Hulme School in Stockport, Crompton House CofE School in Oldham, Holy Cross College in Bury and Parrs Wood Technology College in Manchester.
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.
