SES Target 2.0 Team through to the Area Final
The Stamford Endowed Schools' Target 2.0 team won their regional heat of the national competition, held in Leicester. The SES team, made up of sixth formers; Nikola Djacic, Tiffany Tse, Billy Earl and Robin Horňák claimed their victory over seven other local teams including rivals Oundle and Oakham.
The annual ‘Target 2.0 Bank of England and The Times Interest Rate Challenge’ sees around 300 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 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 8th November 2012. They also recommended a total of £375bn of asset purchases under the Asset Purchase Facility, compared with the £375bn agreed by the MPC on 8 November 2012.
The chair of the judging panel, Alistair Cunningham, said “This was a very close heat with lots to commend in every one of the presentations”.
As winners, the team will now compete at one of the six area finals, being held in February 2012. The winning six teams will then take part in the national final held at the Bank of England in March 2012.