Target 2.0 team through to Area Final
Stamford Endowed Schools’ Target 2.0 team won their regional heat of the national competition, held in Kettering. The SES team, made up of sixth formers; Robin Horňák, Kiran Bhondi, Cameron Brown and Tom Davies claimed their victory over seven other teams including local rivals Oakham School.
The fourteenth annual ‘Target 2.0 Bank of England and The Times Interest Rate Challenge’ will see 302 teams from across the UK compete for the Challenge Trophy and a £10,000 prize for their school.
During the challenge the teams have the chance to take on the role of the Bank of England’s Monetary Policy Committee and assess economic conditions and the outlook for inflation. They must explain and justify to the panel of Bank of England judges what monetary policy they would set to achieve the Government’s inflation target of 2.0%.
The Stamford Endowed Schools team 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 7th November 2013. They also recommended a total of £375bn of asset purchases under the Asset Purchase Facility, compared with the £375bn agreed by the MPC on 7th November 2013.
The chair of the judging panel, Alistair Cunningham, said “This was another impressive regional heat. It was great to see schools grappling so effectively with the data and applying the theory they had learnt in the classroom to the real world."
As winners, the team will now compete at one of the six area finals, being held in February 2014. The winning six teams will then take part in the national final held at the Bank of England in March 2014.