BLACKPOOL students were banking on success when they entered a national challenge -- and their interest certainly paid off!

For a group of financial whizzkids from Blackpool Sixth Form College, Blackpool Old Road, were declared champions of the Bank of England/Times Interest Rate Challenge which took place recently in London recently.

Michael Browne, Matthew Swann, Adam Farr and Andrew Grey travelled to the bank in Threadneedle Street, London, for the competition in which they took on the role of the bank's monetary policy committee.

The four looked at economic conditions and the outlook for inflation before deciding what the interest rate level should be to meet the government's inflation target. They also made a presentation to a panel of judges chaired by Mervyn King, the bank's deputy governor.

The group won after recommending an interest rate of four per cent -- the same as the Bank of England's official rate set on March 7.

School principal Jeff Holland said: "It's a brilliant achievement and the students all did extraordinarily well. One of the entrants Rebecca Shillito had to drop out at the last minute because she was rushed to hospital with a severe brain tumour, but she is recovering well now. The Bank of England were very good about us having a replacement.

"Thanks must also go to tutors Andrew Boden and Lorraine Atkinson who put in a lot of extra work coaching the students through and it was Andy Boden's idea to enter in the first place.

"All the pupils involved are studying business and economics and all have good university offers and the pupils have chosen to buy an interactive computer whiteboard with the prize money."

The Perse School, Cambridge, took second place and Wolverhampton Girls' High School, Wolverhampton, was third. Other teams entered from Eton College, Windsor, Highgate School, London and Nottingham High School for Girls.

Sir Edward George, Bank of England governor and chairman of the bank's monetary policy committee, presented the winners with the Interest Rate Challenge Trophy and £10,000.

He said: "I am delighted with the level of commitment and enthusiasm that the challenge has generated. All of the teams should be congratulated."

Mervyn King added: "The array of talent on display today augurs well for the future of economic policy in this country."