17 November 2008

Regional Heat Results from London on 17 November 2008

The ninth annual Target Two Point Zero – Bank of England and The Times Interest Rate Challenge – is underway, attracting a record number of entries (over 307 schools and colleges) drawn from across the United Kingdom.

Each team of four students competes in one of the 43 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 2009, with the national final to be held on 20 March at the Bank of England in London.

The team from Davenant Foundation School, Loughton won the regional heat held at Stonemartin Corporate Centres Ltd, London on 17 November. They recommended an interest rate of 2.5% compared with the Bank of England's official rate of 3% set by the Monetary Policy Committee on 6 November 2008.

The team from Bancroft's School, Woodford Green were runners-up, also recommending an interest rate of 2.5%.

The other teams in the heat were Chigwell School, Chigwell; City of London School, The City of London; Highams Park School, Highams Park; The Latymer School, Edmonton and Woodford County High School for Girls, Woodford Green.

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.