Young number-crunchers to talk at Bank of England

Published on Friday 13 March 2009 20:52

PUPILS from George Watson's College in Edinburgh have beaten hundreds of schools across the country to win a place in the final of the Bank of England's Interest Rate Challenge.

The competition set pupils the task of assessing the state of the UK economy, predicting the outcome for inflation and giving advice for how interest rates should be set.

Six teams of junior economists, including the pupils from George Watson's are to deliver their final presentations at the Bank of England headquarters on 20 March.

Mervyn King, Governor of the Bank of England and Chairman of the Monetary Policy Committee said the current economic downturn posed some interesting challenges to the six teams in the final, which will see pupils adopting the role of the Committee.

He said: "The sharp and synchronised downturn in the global economy has led to a marked contraction in output, employment and business confidence in the UK.

"The judges look forward to seeing some very high-quality, thought-provoking presentations."

A total of 296 schools entered the competition which carries a first prize of 10,000. The runners up will receive 5,000.