News Release
Target Two Point Zero News Release
Regional Heat Results from Greater London held in London on 20 November 2009
20 November 2009
The tenth annual Target Two Point Zero – Bank of England and The Times Interest Rate Challenge – is underway, attracting nearly 300 entries from schools and colleges across the United Kingdom.
Each team of four students, aged 16 - 18, competes in one of the 43 regional heats. Like the Bank of England’s own Monetary Policy Committee, the teams must consider the factors affecting the UK’s economic and inflation outlook. Then they have to decide what interest rate should be set - and any other monetary policy action that is required - 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 2010, with the national final being held on 19 March at the Bank of England in London.
The team from Dulwich College won the regional heat held at the Stonemartin Corporate Centres Ltd (IoD Hub), London on 20 November. They recommended an interest rate of 0.5% compared with the Bank of England’s official rate of 0.5% set by the Monetary Policy Committee on 5 November 2009. They also recommended a total of £200bn of asset purchases under the Asset Purchase Facility, compared with the £200bn agreed by the MPC on 5 November 2009.
The team from Seven Kings High School, Ilford were runners-up. The other teams in the heat were: Bancroft’s School, Woodford Green; Forest School, Snaresbrook; George Green’s School, Isle of Dogs; The Latymer School, Edmonton and Ilford County High School.
Notes 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.
For further Challenge information see: www.bankofengland.co.uk/education/targettwopointzero/index.htm
