Pupils with a head for figures from Reigate Grammar School have won the regional heat of the Bank of England and The Times Interest Rate Challenge.

The team of four took part in the annual event, called Target Two Point Zero, at Farnham Castle International Conference Centre yesterday.

Competing against teams from Camberley, Cranleigh, Guildford, Dorking and Woking, the Reigate students, like the Bank of England's own Monetary Policy Committee, had to look at the factors affecting the UK's economic and inflation outlook, and then decide what interest rate should be set to meet the Government's 2.0% inflation target, and answer questions from the judging panel.

The Reigate pupils recommended an interest rate of 2.5% compared with the Bank of England's official rate of 3% set by the Monetary Policy Committee.

Now they will go on to one of the six area finals in February, hoping to win through to the March national final to be held at the Bank of England in London.