Competition winners steer a course through the economic storm
January 1, 2012
January 1, 2012
A Year 13 team have progressed to the area final of a national Economics competition and are now working on changes to their entry to reflect the current economic turmoil.
Each year more than a thousand students from across the UK enter Bank of England & The Times Target 2.0 competition.
Taking up the challenge of setting monetary policy to meet the 2.0 per cent inflation target set by the Government, the QE team initially pinned their hopes on a steady-as-she-goes approach, holding interest rates at 0.5 per cent and keeping quantitative easing (QE) at £275 billion. They competed against six local schools, including Latymer and Mill Hill County High School, in the first round.
Economics teacher Michael Feven said: “The boys have done an excellent job of using the data to determine their appropriate policy response and they were indeed very happy with their win.”
The team split into two groups, with Ryan Murphy, Jay Patel, Jonathan Bradshaw, Dershil Shah and Sameer Karia undertaking substantial research into the UK and international economy. They then compiled all the data, and analysed it before deciding as a group what an appropriate policy response would be. The team then compiled a 15-minute presentation, which was delivered by David Alam, Chiraag Dattani, Akash Raja and Drew Williams to a panel of judges and followed by 15 minutes of questioning.
The February area final will take a similar format, and the team is already working on the changes that must be made to the presentation to reflect changes in the UK economy.