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Pupils compete in Bank of England competition

Good luck to Oli Winters, Vanessa Butz, Henry Englander, Phil Balsquez and Dylan Watts who are taking part in the Bank of England’s ninth annual Target Two Point Zero competition to evaluate the likely performance of the UK economy and to set interest rates accordingly next Wednesday, 26 November.

The competition will entail the intelligent and astute collection and interpretation of economic data and application to relevant economic theory. There are more than 300 schools and colleges from across the United Kingdom taking part in the 43 regional stages.

Like the Bank of England’s own Monetary Policy Committee, participating 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 will be 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.