A team of Strode College A level students recently came first in the South West regional heat of the Bank of England’s ‘Target Two Point Zero’ economics challenge.
Ten teams competed by taking on the role the Bank of England’s Monetary Policy Committee. They had to assess economic conditions and set an interest rate to meet the Government’s inflation target of 2.0%. Having looked at data presented by the Bank of England along with their own research, the teams of students then presented their analysis to the Bank of England judges.
The successful Strode College students are:
- Jess Pate, from Castle Cary (previously at Ansford Academy)
- Hamish Ryall, from Evercreech (previously at Kings School, Bruton)
- Jack Squire, from Chilton Polden (previously at Crispin School)
- Haiden Watts, from Keinton Mandeville (previously at Millfield School).
Ben Broadbent, Bank of England Deputy Governor of Monetary Policy said: “We introduced the Challenge in 2000 to give students a practical understanding of the way the economy works and an insight into how the Bank’s Monetary Policy Committee goes about its task of achieving the Government’s inflation target. We have been delighted by the enthusiastic response of students and teachers alike.”
Marie Goffe, Strode College Economics teacher said: “I am very proud of our Economics students who presented complicated economic data confidently and with clarity. The team are delighted and are now preparing for the area championships in February. A win would secure a place in the final, to be held at the Bank of England.
“An important part of the year 2 Economics A level is studying the role of the Monetary Policy Committee in setting the official base interest rate and levels of any quantitative easing. Students need a detailed understanding of the use of monetary policy to control inflation. To this end, students are gaining significant support, advice and practical application in this area.”
The six area champions will receive a Bank of England Interest Rate Challenge trophy for their college, plus individual prizes. Selected students from each of the area championships will also be awarded a short internship at the Bank of England.