Five Notre Dame Economics students recently took part in the “Target Two Point Zero Challenge”, an event organised by The Bank of England and held at Weetwood Hall in Leeds. The event gave the students the opportunity to experience life as a member of the bank’s Monetary Policy Committee; their task was to assess economic conditions and the outlook for inflation and then present their findings to a panel of judges, made up of representatives from the Bank of England. The aim was to convince the panel that their monetary policy would result in helping the government achieve their 2% target for inflation.
Schools and colleges from all over Yorkshire took part. Notre Dame were represented on the day by Niamh Murray, Joseph Fraser, Anjola Babalola, Max Forshaw and Endrit Gashi. A support team of students had previously helped to research the data and produce a very detailed report, consisting of Ahmed Azahari, Andrew Kyles, Jake Griggs, Stephanie Hatib, Kenzie McCabe, Rebecca Gamble and Timothy Mobbs.
After they had delivered the presentation, the team were faced with rigorous questions from the panel and performed exceptionally well under immense pressure. Unfortunately, on this occasion the team narrowly missed out on progressing to the next round and were pipped at the post by a very impressive team from Queen Elizabeth’s Grammar School in Wakefield.
Team member Anjola Babalola said, “Although it took a lot of time and effort, I am proud of myself and the team for taking part and am grateful for the opportunity. The experience broadened our understanding of Economics, gave us a really good insight into how the Bank of England operates and showed us how the Monetary Policy Committee arrives at its decision regarding interest rates.”