Bank of England Competition

29 November 2010

Four Ashton Sixth Form College Economics students recently participated in the eleventh annual Bank of England and The Times Interest Rate Challenge at the Regus Manchester Business Park.

The ‘Target Two Point Zero’ competition format sees teams of four students from each competing school or college analysing UK and global economic data and their possible impact on inflation and the economic outlook for the UK – just as the Bank of England Monetary Policy Committee does each month. The team must then decide if current monetary policy is appropriate or needs to be adjusted, to meet the 2.0 per cent inflation target set by the Government.

In a presentation to a panel of Bank of England judges the team explains their decision and justifies it through their answers to questions from the panel. The winning team from each regional heat goes on to one of the six area finals to be held in February and early March 2011, with the national final to be held on at the Bank of England in London. Over 300 teams are currently competing for the Challenge Trophy and £10,000 for their school or college.

The team of 4, Sean Watson (Team Captain), Mahmud Siraj, Callum Williams and Matthew Halliday were supported by 5 other Ashton Sixth Form students and their Economics teacher Sarah Jenks. The team progressed well defeating Stockport Grammar School; Bury Grammar School for Girls; The King’s School, Macclesfield and Withington Girls’ School, Manchester, but came up against stiff competition from Bolton School Boys’ to finish in the runners-up spot.

For further Challenge information see: www.bankofengland.co.uk/education/targettwopointzero/index.htm