News Release
Target Two Point Zero - The Bank of England/Times Interest Rate Challenge
29 November 2005
Regional Heat Results from Birmingham 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 Queen Mary’s Grammar School
in Walsall won the regional heat held at PricewaterhouseCoopers
in Birmingham 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 Handsworth Grammar School in Birmingham were runners-up, recommending an interest rate of 4.5%.
The other teams in the Heat were King Edward VI Aston School and King Edward VI Five Ways School in Birmingham, King Edward VI College in Stourbridge, Shrewsbury Sixth Form College and Solihull School.
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.
