Posted: Monday 21 March 2011
Hutchesons' Pupils in National Final of Bank of England Competition
Six months of preparation and study paid off for four S6 pupils from Hutchesons' as they achieved third place in the eleventh national final of Target 2.0, held on Friday 18 March at the Bank's headquarters in Threadneedle Street, London. The Deputy Governor of the Bank of England, Charles Bean, presented them a cheque for £2,000 for the School.
Alastair MacMahon, David Henderson, Ross Davidson and Victor Mo initially won the regional heat and subsequently the area final to secure their place as one of six finalists. At each stage the teams had to imitate the Monetary Policy Committee (MPC) process, assessing the UK and global economic conditions to determine the most appropriate monetary policy to achieve the Government's 2.0% inflation target. The teams, each of four pupils, then presented their decision to a panel of judges.
Speaking at the presentation the Deputy Governor, who chaired the judging panel, said: "This year 289 teams took part in the competition and it is a great achievement to have made the final. We have enjoyed six excellent presentations today, all of which have demonstrated an impressive grasp of the key economic issues currently facing the MPC. I hope this experience has brought economics to life for the students and also demonstrated the uncertainty surrounding policy making."
The judging panel comprised Charles Bean, Deputy Governor for monetary policy and member of the MPC; Spencer Dale, Chief Economist and member of the MPC; Andrew Sentance, an external member of the MPC; and Anatole Kaletsky, Editor-at-Large of ‘The Times'.