Teenagers turned bankers as they took on the jobs of high-flying financiers in a Bank of England and The Financial Times challenge.
Students from Rossall School battled it out with eight elite schools for a place in the regional heats of the Target 2.0 Interest Rate Challenge.
Upper sixth form students, Jeremy Chia, 18, Michael Morrison, 17, Peter Kovacs, 18 and Harrison Lumb, 17, had to assess economic conditions and the outlook for inflation and tell panels of judges what monetary policy they would set to achieve the Government’s inflation target of two per cent.
On the panel were John Young, the North West Agent for the Bank of England, Brian Sloan, the North West deputy agent for the Bank of England and Tom Smith, an economist and monetary analyst, who posed tough questions to the teens.
Team captain, Michael Morris, said: “The event teaches us about the practical application of economics in the real world, which complements the theory work that we’ve learnt on the syllabus.”
Unfortunately Rossall, on Broadway in Fleetwood, failed to make the cut after some stiff competition from the other schools. Lancaster Grammar School were named overall winners of the heat, with Cardinal Newman College in Preston coming in as the runners-up.
Rossall’s head of economics, Sean Hoffman said: “This was always going to be a very difficult competition.
“The questions that were put to the boys tested not only their economic knowledge but pushed them to come to a logical conclusion.
“We are very proud of the boys and thought they represented Rossall gallantly.”