The measures used in this calculator are the longest series of their kind: the retail price index and an index of average earnings. See a discussion of Using the Retail Price Index (RPI). Other comparison series might be preferable, depending on the context of the question. For more choices but with a shorter time period, consult Five Ways to Compute the Relative Value of a UK Pound Amount, 1830 - 2006, where you will also find further discussion of this issue.
To determine the value of an amount of money in a particular ("original") year compared to another ("desired") year, enter the values in the appropriate places below. For example, you may want to know: How much money would you need in the year 2007, to have the same "purchasing power" of £5 in year 1900. If you entered these values in the correct places, you will find that the answers are £387.90 and £2,105.05.
Prior to February 15, 1971 ("Decimal day," or "D-day"), monetary amounts in the U.K. were expressed as pounds (£), shillings (s.) and pence (d.), where £1 = 20s. = 240d. After 1970, there were 100 pennies in a pound, so one (new) penny = 2.4 old pence. All numbers should be entered in decimal rather than fractional form (for example, 1.5 rather than 1 1/2).
Lawrence H. Officer, "Purchasing Power of British Pounds from 1264 to 2007." MeasuringWorth, 2008.
Please read our Note on Data Revisions.
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