A team from Reigate Grammar School has finished runners-up in the area final of the Bank of England and The Times Interest Rate Challenge.

The team of four students were competing in the Central and Southern England final of the competition at Farnham Castle International Conference Centre.

Seven teams had to take on the role of the Bank of England’s Monetary Policy Committee, making a presentation to a panel of Bank of England judges, assessing economic conditions and the outlook for inflation, and deciding what level of Bank Rate they would set to meet the Government’s inflation target of two per cent.

The Reigate team lost out to Peter Symonds College, Winchester, but won £650 for their school.