Over one thousand students to participate in fifteenth annual Bank of England and The Times Interest Rate Challenge regional heats.
BANKING AND CREDIT NEWS-November 11, 2014-Over one thousand students to participate in fifteenth annual Bank of England and The Times Interest Rate Challenge regional heats
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The UK's central bank, the Bank of England, announced on Monday that more than one thousand students will take part in the regional heats of the fifteenth annual Bank of England and The Times Interest Rate Challenge, beginning next week.
Teams of four students from each competing school or college will analyse UK and global economic data and the possible impact on inflation and the economic outlook for the UK, in the same way that the Monetary Policy Committee does each month.
The students will be expected to consider conflicting indicators, along with the recently introduced forward guidance, in order to set monetary policy to meet the inflation target. They must then decide if current monetary policy is appropriate or needs to be adjusted to meet the 2.0 per cent inflation target set by the UK government. The team's decision will be presented to a panel of Bank of England judges, when the team will justify their decision in answer to questions from the panel.
According to the Bank of England, some 314 teams will compete in one of the 42 regional heats, which run from 17-28 November. The winning team from each heat will then update their presentations ahead of competing in one of the six area finals held around the UK in February next year.
Six finalists will take part in the National Final, to be held in March 2015 at the Bank of England's Head Office in Threadneedle Street and the winning team will receive a Challenge Trophy and a cheque for GBP5,000 for their school or college.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Nov 11, 2014|
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