It was a cold November morning, when a team of five Ranelagh economists travelled to Oxford to participate in the National Bank of England Target 2.0 competition. The competition requires the students take on the role of the Bank of England’s Monetary Policy Committee and make a presentation to a panel of Bank of England judges. They must assess the current economic conditions and the outlook for inflation and then decide what level of interest rate, asset purchase and forward guidance is necessary in order to meet the Government’s inflation target of 2.0%.
The team of James Collett, Greg Makarchuk, Alistair Shields, Henry Mayger and Jessica McDonnell performed to a high standard both in their fifteen minute presentation and the rigorous questioning of the panel of three judges, all representatives from the Bank of England, questions such as the impact of immigration on the UK economy and the risks associated with their decision. Ranelagh were offered a place in the competition following the late withdrawal of another school, so the team had to work together under very tight timescales which they did very effectively. Unfortunately the team did not proceed through to the second round of the competition in February, but they have all enjoyed the experience and opportunity to develop and question their economic understanding.
Head of Economics, Mrs Hartley said ‘They gave a very strong presentation, containing lots of relevant Economics theory and effectively answered some really tough questions from the judges. I am proud of how they all pulled together as a group; they did a great job.’