Loreto second in BoE contest

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An Economics team from Loreto College have finished runners-up in the UK Final of the Bank of England Target 2.0 Interest Rate Challenge.

Having won the Northern Ireland heat in November and the Northern Ireland, Scotland and North of England heat in February, the Loreto team took its place among the top six teams in the UK and faced a two-day final in London, held in the Bank of England headquarters, Threadneedle Street.

Undaunted by the fierce competition, the Loreto team impressed over a range of challenges and in the final presentation.

They return home with an award of £1000 for the school and significant pride!

The Loreto team was led by Vice Principal Belinda Toner and included pupis Cariosa O’Harte, Kate McLaughlin, Maggie McBride and Cormac McCarry.

Mr Michael James, speaking on behalf of all the staff and students of Loreto College, paid tribute to the team members and their mentor and coach Miss Toner on their hard work and dedication in preparation for the competition, and their outstanding presentation in the final.

At the Area Final, the team took on the role of the Bank of England’s Monetary Policy Committee and had to assess economic conditions and the outlook for inflation, and decide what level of interest rate they would set to meet the Government’s inflation target of 2.0%.

They recommended an interest rate of 0.5% compared with the Bank of England’s official rate of 0.5% set by the MPC on 4 February 2016.

The team then faced questions from a judging panel.