England came from behind to beat Italy 3-1 and advance to the Federation Internationale de Football Association U-20 World Cup Korea Republic 2017 final thanks to second-half strikes from Dominic Solanke and Ademola Lookman.
"There have been years of preparation and planning and I can't believe I have been given the task to be head coach of this group to take through to the World Cup", added Simpson, 50, who played at the top level with the likes of Manchester City.
Liverpool new boy Dominic Solanke has joined Lionel Messi, Sergio Aguero and Paul Pogba on the list of U20 World Cup Golden Ball winners.
On the other hand, Freddie Woodman was England's hero, as his superb penalty save in 74 minutes kept England's one goal lead intact and ended up being the difference in lifting the trophy.
England supporters celebrated wildly on Sunday after the Young Lions beat Venezuela to win the Under-20 World Cup in South Korea, ending England's decades-long wait for a global title.
Everton youngster Dominic Calvert-Lewin hopes that England's Under-20 World Cup success will convince Premier League clubs to give the players more opportunities.
"They came at us for the last 30 minutes which was tough, but luckily enough they didn't get the goal".
Sri Lanka sweat on Mathews as Proteas duo get all clear
The Sri Lankas were ruled to be four overs short of their target after time allowances were taken into consideration. Tahir's man-of-the-match performance stood out despite team-mate Hashim Amla's record breaking 25th ODI ton.
"We have proved we are the best team in the world at this age group", Calvert-Lewin said.
Venezuela then enjoyed a strong spell and Ronaldo Lucena almost broke the deadlock with an ambitious free kick from 45 yards out, catching Woodman off guard, only to see his shot thud into the left upright. The forward beat a defender to a free kick from Lewis Cook, had his first shot saved by Venezuela keeper Wuilker Farinez but reacted quicker to the rebound.
Tottenham's Josh Onomah nearly scored an outrageous second for Paul Simpson's side, but his 30-yard strike cannoned off the underside of the crossbar.
England conceded a penalty with 17 minutes remaining when Penaranda was brought down by Jake Clarke-Salter.
The Newcastle striker had played his part in the qualification period and in South Korea on the route to this World Cup Final - but had to be content with watching from the bench.
England still had an attacking threat, and Josh Onomah nearly gave them a two-goal cushion when he ran unopposed to shoot from distance, only to see his shot cannon back off the crossbar. Captain Lewis Cook, now playing for Bournemouth, hoisted the World Cup trophy aloft.
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