News Release
The Bank of England/Times Interest Rate Challenge
27 February 2007
Results of the Scotland, Northern Ireland and Northern England Area Final Held in Manchester
From a field of 265 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 20, 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 Royal Grammar School in Newcastle-upon-Tyne won the Scotland, Northern Ireland and Northern England area final held at the IoD hub Manchester in Manchester on 27 February. They recommended an interest rate of 5.25%, compared with the Bank of England’s official rate of 5.25%, set by the Monetary Policy Committee.
The team from Loreto College in Coleraine were runners-up, recommending an interest rate of 5.25%. In third place was Bolton School Girls’ Division who recommended an interest rate of 5.25%.
Clitheroe Royal Grammar School, Hutchesons’ Grammar School in Glasgow, Sale Grammar School, and Xaverian College in Manchester 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 23 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.
