28 November 2005

Regional Heat Results from Birmingham on 28 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 King Edward’s School in Birmingham won the regional heat held at PricewaterhouseCoopers in Birmingham on 28 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 The Sixth Form College Solihull were runners-up, recommending an interest rate of 4.5%.

The other teams in the Heat were Bablake School in Coventry, King Edward VI School in Lichfield, Menzies High School in West Bromwich, Oldbury Wells School in Bridgnorth and Saint Martin’s School in Solihull.

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.