On Tuesday, Mr Laferton’s team of Challoner’s Economics Elite faced St Clement Danes, Watford Grammar School and hosts Aldenham School in a Bank of England interest rates competition. The teams each had fifteen minutes to present the interest rate that they felt the central bank should set, taking into account aggregate demand, aggregate supply, the financial market and international developments.

The DCGS team opted for a 0.75% hold in accordance with the Bank of England’s views - something strongly promoted by team captain Adam ‘Mark Carney’ Perkins. This was explained through the illustration of the UK economy as a car on a road with a speed limit; the speed limit dropped after the Brexit vote, and is set to change after a final decision on Brexit, but this change is still unknown so our speed should not change yet. This analogy came from Joe Anthony but there were also significant contributions from Alex Baptist (including lending Adam his jacket and overall moral support).

After a scintillating presentation exhibiting flair and passion, the team had the chance to relax over the lunch provided by Aldenham School. Following this, the results were announced by a member of the Bank of England who had been kind enough to give her time to judge the presentations. Challoner’s finished a very respectable 2nd in what had been a competitive event.

Special thanks to Aldenham School for hosting a wonderful day, Mr Iyengar for some highly valued advice and finally the team manager, Mr Laferton, for getting the team prepared for the competition with a mixture of wisdom and humour.