Budget winner

Mike Hulme, a mature student reading enterprise, innovation and communication at the University of Staffordshire, is the winner of our Budget competition.

He answered all 10 questions correctly and wins a case of Coopers & Lybrand 'own-label' champagne.

He predicted no change in the basic 25 per cent tax rate and said that personal allowances would increase by less than the rate of inflation.

The other eight possibilities - which included an increase in the higher rate of tax, higher limits for Tessas and an increase in the standard rate of VAT - were all correctly dismissed as non-runners.

Mr Hulme, who is 25, ran pubs before he started university this year. He saved up to enable him to return to education.

He has a mortgage but does not run a car. 'The higher fuel bills will affect me the worst,' he says. 'The Chancellor helped people on income support but he didn't do anything for students.'

Just one other entrant - S P Wood from Sheffield - got all the answers correct.

(Photograph omitted)