News Release
Target Two Point Zero - The Bank of England/Times Interest Rate Challenge
22 November 2007
Regional Heat Results from Reading on 22 November 2007
The eighth annual Target Two Point Zero - the Bank of England/Times Interest Rate Challenge - is underway, attracting a record number of entries (over 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 2008, with the national final to be held on 14 March at the Bank of England in London.
The team from Eton College, Windsor won the regional heat held at Comfort Hotel Reading West on 22 November. They recommended an interest rate of 5.50% compared with the Bank of England's official rate of 5.75%, set by the Monetary Policy Committee on 8 November 2007.
The team from Downe House School, Thatcham were runners-up, recommending an interest rate of 5.75%.
The other teams in the heat were: Bradfield College, Reading; Langley Grammar School, Slough; Ranelagh Church of England School, Bracknell; Sir William Borlase's Grammar School, Marlow, Buckinghamshire and The Windsor Boys' School, Windsor.
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.
