Monday, April 25, 2011

British pound devalues by 94% in 50yrs

Press TV
Monday, April 25, 2011

A new survey shows that the value of money in the UK has dropped by 94 percent over the past 50 years, which means an 18-time increase in retail prices.

The survey carried out by BM Savings has found that almost £1,800 is needed to match the buying power of £100 in 1960, the daily, The Guardian reported.

It means that someone today would need £1,796 to have the same buying power of £100 in 1960, while 50 years ago, if you had £5.57 it would be worth £100 today, data from the Office for National Statistics shows.

The drop in the value of money is reflected in the cost of everyday items such as food and household goods. For example, a pint of milk cost just 3p in 1960 but will set consumers back around 44p today.

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