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Millfield economics pupils win interest rate challenge
Economics enthusiasts from Millfield are celebrating after winning the regional heat of a national interest rate challenge.
The team saw off seven other schools to secure their place in the next stage of the Target Two Point Zero competition.
Pupils analysed UK and global economic data, their possible impact on inflation and the economic outlook for the UK - just as the Bank of England Monetry Policy Committee does each month.
Teams then made a presentation to discuss if the current monetary policy is appropriate.
Millfield recommended an interest rate of 0.5% and a total of £275bn of asset purchases under the Asset Purchase Facility. Amazingly, these were the exact recommendations made by the Monetry Policy Committee.
Millfield head of economics Jon Andrews said: "I'm absolutely delighted that the Millfield team won the regional round of the competition.
"They put in a lot of hard-work analysing the data and it paid off for them. The pupils are already looking forward to the next round."
Around 300 teams across the country entered the competition, and the winning team will receive £10,000 for their school or college.
Millfield will now take their place in February's area final. The national final will be held on 15th March at the Bank of England in London.
