BOE and Times Interest Rate challenge underway
The 13th annual Target Two Point Zero - Bank of England and The Times Interest Rate Challenge is now underway, with 295 teams across the United Kingdom competing for the Challenge Trophy and £10,000 for their school or college.
During the 43 regional heats, teams of four students, aged 16 to 18, will analyse 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 then 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 2013, with the national final to be held on 22 March at the Bank of England in London.