BUDDING economists are preparing to battle it out in a prestigious competition run annually by the Bank of England.

A team from Richmond School and Sixth Form College will take part in the regional heats of the 16th annual Bank of England and The Times Interest Rate Challenge.

A five-strong team, comprising Jack Vernon, 17, Tom Moody, 17, Christopher Gill, 17, Elliot Warren, 18 and Michael Jordan, 17, have been preparing for weeks for a gruelling presentation at the Marriott Hotel in York.

They have to convince a panel of expert judges they understand the complexities of global economics and how they affect interest and inflation rates in the UK. They will also have to suggest ways to achieve the Bank of England’s target inflation rate of two per cent.

Business economics teacher Barry Guy said: “The judges will be looking for a deep understanding of the economy, the students’ abilities to talk freely and knowledgeably rather than from a script and how they all perform as a team.”

The team are up against more than 1,000 students nationally, with the contest recreating the monthly role of the Bank of England’s Monetary Policy Committee.

The final will be next March at the Bank of England’s head office in Threadneedle Street, with a cheque for £5,000 up for grabs.