News Release
Target Two Point Zero - The Bank of England/Times Interest Rate Challenge
28 February 2006
Results of the Scotland, Northern Ireland and Northern England Area Final held in Manchester on 28 February 2006
From a field of 269 teams, the 42 winning teams from the first round of the Challenge, held in November and December, are now undertaking their next test, the area finals, which are taking place on 21, 27 and 28 February in six locations around the UK.
As in the heats, the area finals have the teams, each of four students, again taking on the role of the Bank of England’s Monetary Policy Committee and making a presentation to a panel of Bank of England judges. Each team must assess economic conditions and the outlook for inflation, and decide what level of interest rate they would set to meet the Government’s inflation target of 2.0%.
The team from The Blackpool Sixth Form College won the Scotland, Northern Ireland and Northern England area final held at The Midland Hotel in Manchester on 28 February. 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.
The team from Royal Grammar School in Newcastle upon Tyne was runner-up. They recommended an interest rate of 4.5%. In third place was Loreto College in Coleraine, Co Derry who recommended an interest rate of 4.5%. Bolton School Boys’ Division, George Watson’s College in Edinburgh, Sale Grammar School, and Wirral Grammar School for Boys in Bebington Wirral, also competed in this area final.
The winning team at each area final receives a trophy, the runner-up team wins £650 for their school or college and the third-placed team £350. The winners then go forward to compete for the Challenge trophy and the £10,000 prize at the national final to be held at the Bank of England on 24 March.
Note to Editors
If you are interested in taking a photograph of the team(s)
from your area, or in interviewing team members, please contact
the Bank of England Press Office (020 7601 4411) for contact
details.
