News Release
Target Two Point Zero -
The Bank of England/Times Interest Rate Challenge
3 December 2004
Regional Heat Results from Ipswich
on
3 December 2004
The fifth annual Target Two Point Zero – the Bank of England/Times Interest Rate Challenge is underway, attracting a record number of entries (more than 250 schools and colleges) drawn from across the United Kingdom.
Each team of four students competes in one of the 42 regional heats. Like the Bank of England’s own Monetary Policy Committee, these 16 - 18 year-olds must consider the factors affecting the UK’s economic and inflation outlook. Then they have to decide what interest rate should be set to meet the Government’s 2.0% inflation target. After outlining the main economic issues and giving their decision, the team is then questioned by a judging panel. The winning team from each regional heat goes on to one of the six area finals to be held in February 2005, with the national final to be held in March at the Bank of England in London.
The team from Saffron Walden County High School won the regional heat held at Otley Hall in Ipswich on 3 December. They recommended an interest rate of 4.75% compared with the Bank of England's official rate of 4.75%, set by the Monetary Policy Committee on 4 November.
The team from Westcliff High School for Boys in Westcliff on Sea were runners-up, recommending an interest rate of 4.75%.
The other teams in the heat were Colchester County High School for Girls, Gresham's School in Holt, Hewett School in Norwich, and Ipswich School.
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.
For further Challenge information see the Target Two Point Zero pages.
