Sixth Formers put their Economics studies into practice and came out on top in the Bank of England’s Target Two Point Zero national competition recently.
Target Two Point Zero is a competition organised and run by the Bank of England that gives students the chance to take on the role of the Monetary Policy Committee. Each team had to assess economic conditions and the outlook for inflation and then set the interest rate to meet the Government's inflation target of 2.0%. The teams had to present their analysis and monetary policy decision to a panel of judges.
LRGS beat strong competition from schools in Scotland, Wales and the North of England to win the prize which included £1500 for the school, £50 Amazon vouchers for the students and a trophy.
The LRGS team included; Alex McKay; Shane Gallagher; Tom Howson and Oliver Helme, ably assisted by Verdant Rungta and Joe Wood.
They impressed the judges with their presentation and in particular with their knowledge and understanding of the current economic climate. They were also subjected to a grueling and detailed cross examination of their decision by a group of expert economists from the Bank of England.
Mr. Ralston, Economics teacher, said: “I am delighted for the boys who worked extremely hard over a number of months. The competition was valuable in helping to cement their knowledge and understanding of macroeconomic issues. However, it was the quality of their public speaking and their ability to think on their feet which impressed the most.”