Bank of England Competition Success!
Year 13 Fortismere students won their regional heat in the Bank of England/Times Interest Rate Challenge in November. Congratulations to Adam Khan, Murray Boyle, Samuel Mugridge, Kevin Longe, Beatrice Piesold and Joseph Usher!
The sixteenth annual Target Two Point Zero – Bank of England and The Times Interest Rate Challenge is now underway, with 297 teams across the United Kingdom competing for the Challenge Trophy and £5,000 for their school or college.
During the 42 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 2016, with the national final to be held in March at the Bank of England in London.
Regional heats results for London
The team from Fortismere School, Muswell Hill won the regional heat held at the Prudential Regulation Authority on 19 November 2015. 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 2015. They also recommended a total of £375bn of asset purchases under the Asset Purchase Facility, compared with the £375bn agreed by the MPC on 5 November 2015.
The team from Old Palace of John Whitgift School, Croydon were runners up. The other schools in the heat were: Bishop Thomas Grant School, Streatham, City and Islington Sixth Form College, The City, Eltham College, Mottingham and Mulberry School for Girls, Tower Hamlets.
The chair of the judging panel, Simon Caunt, said “The judges were impressed by the teams' assessment of the balance of risks between robust domestic demand and a weaker world outlook”.