Business Brains Tested in Bank of England Challenge
Thursday, 01 March 2012
A team of Bolton School Sixth Form Girls had their business minds put to the test in the Northern area heat of Target 2.0. The team was made up of Jenny Dalley, Alice Williamson, Hannah Grace and Hannah McCarthy and the girls performed exceptionally well to gain third place.
Target 2.0 is The Bank of England and The Times' annual Interest Rate Challenge which gives teams of students aged 16-18 the chance to take on the role of the Bank of England's Monetary Policy Committee and decide what the interest rate should be. The girls won the regional heat of the competition back in December, earning them a place in the Northern area heat.
Teams have to analyse UK and global economic conditions and decide what level of interest rate they would set to achieve the Government's current inflation target of 2.0 - just as the Bank of England Monetary Policy Committee does each month. Decision made, the girls had to prepare and give a short presentation, arguing a convincing case for their conclusion, to a panel of Bank of England judges. Following the presentation, the judges asked the team a series of questions to test their understanding and knowledge, and to see how they justify their policy decision, and how they think on their feet.