29 November 2005

Regional Heat Results from Cheltenham on 29 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 Pate’s Grammar School in Cheltenham won the regional heat held at the Thistle Hotel in Cheltenham on 29 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 Cheltenham Ladies’ College were runners-up, recommending an interest rate of 4.5%.

The other teams in the Heat were Cheltenham College, Dyson Perrins C of E High School and Malvern College in Malvern, Marling School in Stroud and Sir Thomas Rich’s School in Gloucester.

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.