News Release
Target 2 Point 5 - The Bank of England/Times Interest Rate Challenge
20 November 2003
Results of the Regional Heat in Cheltenham
on
20 November 2003
This year's Target 2 Point 5 Interest Rate Challenge is underway with Regional Heats taking place at 42 locations around the United Kingdom.
From 17 to 28 November teams of four students from more than 200 schools and colleges are taking on the role of the Bank of England's Monetary Policy Committee, deciding on what they consider to be the right interest rate for the UK to meet the Government's 2.5% inflation target. After each team has outlined the main economic issues and given their interest rate decision, the students are then questioned by the judging panel. The winning team from each Regional Heat goes on to one of the six Area Finals to be held in February 2004, with the National Final to be held in March at the Bank of England in London.
The team from The Cheltenham Ladies' College in Cheltenham won the Regional Heat held at the Carlton Hotel in Cheltenham on 20 November. They recommended an interest rate of 3.75% compared with the Bank of England's official rate of 3.75%, set by the Monetary Policy Committee on 6 November.
The team from Katharine Lady Berkeley's School in Wotton-under-edge were runners-up, recommending an interest rate of 4%.
The other teams in the Heat were Cheltenham College in Cheltenham, Chosen Hill School in Gloucester, Marling School in Stroud and Newent Community School in Newent.
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.
Further information on the Challenge can be found on the Target 2 Point 5 pages.
