Perse team triumph in Bank of England Target 2.0 competition
A team of Perse students was named winner of the Bank of England Target 2.0 interest rate challenge at the national final in London last week.
The competition challenges students to take on the role of the Bank of England Monetary policy committee, delivering a presentation on the medium-term prospects for the British economy, before proposing the most appropriate monetary policy. It required students to assess the UK and global economic conditions to determine the most appropriate monetary policy to achieve the Government’s 2.0% inflation target.
From an original field of 288 schools from across the country, the national final saw the six regional champions compete for the coveted Challenge Trophy. Perse sixth formers Hannah Kirk, Jack Kleeman, Alex Harris and Ciaran Flaherty set out a compelling and well-argued case for the Bank to increase the country’s interest rate to 0.75%. Their presentation was followed by challenging questions from the judging panel comprising Ben Broadbent, Deputy Governor for Monetary Policy; Ian McCafferty, External Member of the MPC; David Miles, External Member of the MPC; and Philip Aldrick, Economics Editor at The Times.
The team’s thoughtful, informative and confident answers saw them secure first place in the competition. They were presented with the Challenge Trophy and a cheque for £5,000 for the School. Each team member will also take up a four-week summer internship at the Bank to further deepen their understanding of monetary policy. This is the first time that The Perse has won this prestigious competition since its inception in 2001.
The team were ably supported by a team of four research assistants; Jamie Doughty, Vedanth Nair, Renzhi Zhou and Mihir Chandraker. The level of commitment shown by this dynamic quartet was exceptional – conducting research, finding data, creating the presentation itself and offering advice. They were a vital and integral part of the team’s success.
Ben Broadbent, chair of the judging panel said: It has been a great pleasure to watch the students deliver such fantastic presentations today, and it was a very difficult task to choose the winning team. It was a privilege to watch the students analyse and communicate these difficult monetary policy issues in such an effective way.”
Head of economics at The Perse School, Jon Young, said: “The team’s success is the culmination of 6 months of incredibly hard work. It has been a delight to work with these students and see them independently tackle economic concepts from well beyond the A-level syllabus. The standard at the national final was very high indeed, so the team had to be at their very best. This was a fantastic effort by the team.”