News Release
Target Two Point Zero - The Bank of England/Times Interest Rate Challenge
26 February 2008
Results of the East Anglia and South East England Area Final held in Chelmsford on 26 February 2008
From a field of 279 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 26 and 27 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 Tonbridge School, won the East Anglia and South East England area final held at the Essex County Cricket Club on 26 February. They recommended an interest rate of 5.0%, compared with the Bank of England's official rate of 5.25% set by the Monetary Policy Committee.
The team from Dame Alice Owen's School, Potters Bar were runners-up, recommending an interest rate of 5.25%. In third place was Haberdashers' Aske's Boys' School, Elstree who also recommended an interest rate of 5.25% .
Chigwell School, Essex, Colchester Royal Grammar School, Saffron Walden County High School and Tonbridge Grammar School 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 14 March.
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.
