Thursday 20th April 2006
Target Two Point Zero is the Bank of England's National Interest Rate Challenge for schools. The winning Tonbridge team members were Adam Bailey (CH), Arthur Callaghan (HS), Henry Elston (SH) and Angus Moir (JH). They were complimented on their impressive grasp of the key economic issues facing the MPC.
Deputy Governor, Rachel Lomax said that the quality of the presentations, in which the team tell the judges what interest rate they would set to meet the 2.0% inflation target had been extraordinarily high. Commenting on individual performances she then explained that Tonbridge had scored highly for having the courage to challenge the MPC's growth and inflation forecasts in a balanced and well argued recommendation for an interest rate cut to 4.25%.
They receive a splendid trophy, £10,000 prize money, various other prizes (including palm pilot computers!), and they will be offered internships at the Bank of England this summer.
For more information on the competition go to the Bank of England's own website page at http://www.bankofengland.co.uk/publications/news/2006/039.htm (external link).