Students from ten secondary schools across Northern Ireland assembled at Methodist College Belfast (Methody) on Friday 17th October to assume the roles of leading economists as part of the Methody Monetary Challenge.
Supported by BDO Northern Ireland, the inter-schools event aimed to promote analytical thinking and financial acumen in young people by challenging students to analyse economic data, evaluate trends and ultimately set a base interest rate in a simulated central-bank environment.
Each school team presented to a panel of high-profile judges, including leader writer for The Times Sebastian Payne; Laura Jackson, Partner and Head of Audit, BDO NI; Gillian Anderson, Deputy Agent for Northern Ireland at the Bank of England and Richard Ramsey, Professor of Practice in Economics & Policy at Queen’s Business School. Teams supported their decision by demonstrating their analysis of growth, inflation, the labour market and global conditions.
The competition was fierce but ultimately the team from St Mary’s Grammar School in Magherafelt clinched the top prize, with Sacred Heart Grammar from Newry and Methody coming joint second place. All three teams won a cash prize for their school.
Laura Jackson of event sponsor BDO NI said: “The Methody Monetary Challenge was a fantastic opportunity for young Economics students to experience what it feels like in the hot seat, using data to make important decisions and collaborating closely with teammates under pressure.
“This experience should not only have enhanced their understanding of economics but also prepared them for the real world of work. We will always support initiatives that encourage a passion for economics in the next generation. An immersive, high-energy event like this can spark the beginning of a career path for tomorrow’s leaders.”
Conor O’Neill, Head of Economics & Business Studies at Methodist College Belfast said: “There has never been a more important time to be an economist. From understanding the impact of tariffs and trade policies in a Trump-led America to analysing the implications of UK Budget decisions on households and businesses, economics gives young people the tools to make sense of a rapidly changing world.
“A-Level Economics develops vital skills in analysis, data interpretation, and critical thinking, but it’s equally important that students have opportunities to apply these skills in real-world contexts. That’s exactly what the Methody Monetary Challenge offers: a chance for pupils to step into the role of the Bank of England’s Monetary Policy Committee, to debate, decide, and defend economic policy in a realistic, high-pressure environment.
“Opportunities like this simply didn’t exist before this initiative, and it’s exciting to see Northern Ireland students demonstrating the kind of economic understanding and communication skills that are in such demand across universities, government, and industry.”