News Release
Target Two Point Zero - The Bank of England/Times Interest Rate Challenge
22 November 2005
Regional Heat Results from Newcastle upon Tyne
on 22 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 Royal Grammar School in Newcastle
upon Tyne won the regional heat held at Life Conference &
Banqueting in Newcastle upon Tyne on 22 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 Emmanuel City Technology College in Gateshead were runners-up, recommending an interest rate of 4.5%.
The other teams in the Heat were Central Newcastle High School, Dame Allan’s Schools in Newcastle upon Tyne, Durham School, Longridge Towers School in Berwick upon Tweed and Queen Elizabeth High School in Hexham.
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.
