Target 2.0 team take second place at area finals
Target Two Point Zero - The Bank of England and The Times Interest Rate Challenge gives teams of students aged 16-18 the chance to take on the role of the Bank of England's Monetary Policy Committee, assess economic conditions and the outlook for inflation and tell panels of judges what monetary policy they would set to achieve the Government's inflation target of 2.0%.
Following the initial presentation the judges have the opportunity to ask questions about what has been said. They might ask the students to justify or clarify certain aspects of their interpretation of the economic conditions.
The challenge has three identical rounds: regional heats, area finals and the national final. There is a sufficient time lapse between rounds to compel teams to change and update their presentation to take into account new economic statistics, or the MPC’s own interest rate decisions.
The team at Beaconsfield High School took part in one of the regional heats in November and won the round, beating teams from Stowe and Wycombe High School amongst others, which meant they participated in the area final on 11 February 2016. The competition was fierce with a range of grammar and private schools competing for the prize of making the national final at the Bank of England. Unfortunately, the girls came second out of the seven teams present, losing to Magdalen College. It was little consolation to be told by one of the judges that BHS was his first choice.
Participating in the competition is a valuable and beneficial experience, especially to those interested in taking Economics further at university level. The girls were able to expand their knowledge outside the A Level syllabus and become more confident in presenting and talking about Economics ideas in front of people.
I was so proud of the girls’ independence in preparing for the competition and their total professionalism in researching, clarifying and presenting their ideas. Well done girls, you are a credit to the school.
Mrs Reid, Head of Business & Economics