News Release
Target Two Point Zero - The Bank of England/Times Interest Rate Challenge
21 November 2005
Regional Heat Results from Redworth, Nr Darlington
on 21 November 2005
The sixth annual Target Two Point Zero – the Bank of England/Times Interest Rate Challenge is underway, attracting a record number of entries (more than 280 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 2006, with the national final to be held
in March at the Bank of England in London.
The team from Pocklington School in York won
the regional heat held at Redworth Hall Hotel in Redworth, Nr
Darlington on 21 November. They recommended an interest rate
of 4.5% compared with the Bank of England’s official rate
of 4.5%, set by the Monetary Policy Committee on 10 November.
The team from Bootham School in York were runners-up, recommending an interest rate of 4.5%.
The other teams in the Heat were Barnard Castle School, St Peter’s School in York and Scarborough VI Form College.
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.
