Banking on success
26 March 2010
The KES Target 2.0 team continued their winning streak in February by storming through their area finals for the first time in a decade to make it to the National Final which took place at the Bank of England in London on 19th March. The competition from the other five finalists was impressive and unfortunately proved to be too strong for the KES team of Faiz Haq (captain), Amrit Chahal, Gaurav Kumar and Rohin Maini. The boys should be incredibly proud of themselves regardless, the competition began with 292 schools and KES remain the area champions for Wales, West Midlands and South West England.
The competition asks students to analyse the UK economy and recommend monetary policy to a panel of Bank of England judges. In the area final the KES team recommended that the Bank of England stick with an interest rate of 0.5% and continue with their plans for £200bn of quantitative easing, and were praised for their original research, particularly their surveys of KES parents, their use of graphics, and for being the only team to use humour in their presentation.
For the final the boys had practised their presentation with Mrs Herbert, Head of Drama, in a bid to improve their confidence and had also done a run through in front of a critical lunchtime audience of the Chief Master, other KES staff and pupils. The Team\'s recommendations for the final were also to keep interest rates at 0.5% and they discussed the case for negative interest rates, but decided against using them for the time being.
Mr Mason, Head of Economics and Business praised the boys saying that they prepared thoroughly and had the best academic arguments; unfortunately, their knowledge of the UK economy was not as good as some of the other finalists.
The winning team was Dulwich College who discussed whether the interest rate target should be raised to 4%. They walked away with a trophy and £10,000 for their efforts.