From a field of 279 teams, the 42 winning teams from the first round of the Bank of England/ Times Target Two Point Zero Challenge, held in November and December, are now undertaking their next test, the area finals, which are taking place in six locations around the UK.

The winning team at each area final receives a trophy, the runner-up team wins £650 for their school or college and the third-placed team £350. The winners then go forward to compete for the Challenge trophy and the £10,000 prize at the national final to be held at the Bank of England on March 14.

February 27

Central and Southern England Area Final held in Guildford

Winners: Peter Symonds' College, Winchester. They recommended an interest rate of 5.25 per cent, compared with the Bank of England’s official rate of 5.25 per cent, set by the Monetary Policy Committee.

Runners up: Eton College, Windsor

Third place: Brighton College

John Hampden Grammar School, High Wycombe, Reigate Grammar School, South Wilts Grammar School, Salisbury and Wilson's School, Wallington also competed in this area final.

London Area Final held in London

Winners:Tiffin Girls' School, Kingston-upon-Thames. They recommended an interest rate of 5.25 per cent.

Runners up: Dulwich College

Third place: The Harrodian School, Barnes

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