The teams, consisting of four students, are to decide what level of interest rates they would set to meet the Government's inflation target, and then put their case to a panel of Bank of England judges.
The first round of the competition, involving 38 regional heats, is to take place between 20 November and 1 December, in locations across the United Kingdom. It is hoped that local and regional media will take a keen interest in teams from their respective areas.
Press release