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General => The Common Room => The Lighter Side => Topic started by: louisa maud on Sunday 31 May 20 19:38 BST (UK)
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Can anyone tell me how much £2400 .00 left in 1955 would be worth today please
Thank you
Louisa Maud
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£63,382.46 approx.
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REALLY, WOW
Thank you
Louisa Maud
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£44,024 some experts say. £63,382 by bank of England in 2019.
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That seems a lot of money for £2400.00 plus a few extra pounds
Louisa Maud
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You could try:
www.measuringworth.com
Click on 'Relative Values - UK £' in the upper left green area under "THE COMPARATORS".
Then complete the boxes as required.
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Thank you all for tbe info, an extremely large amount
Louisa Maud
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A terrific amount! At that time I was working as a motor mechanic for about £7.10s a week, having just left the Army.
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In fact I really cannot believe that this man left this amount of money, I wonder where he got it from to be honest, only found his marriage and death, can't out his details online till I have cleared it with his family distantly related to me , his wife appears to have left nothing
Louisa Maud
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I like to to think in terms of beer purchasing power, which usually ends up somewhere between RPI and house prices.
A pint of beer in 1954 cost 9d, so with £2400 you could buy 64,000 pints if beer. To buy that quantity today you would need around £224,000.
By contrast, a litre of petrol in 1954 would have cost around a shilling so £2400 would have bought 48,000 litres. At today's prices: £48,000. I hadn't realised that petrol was so much cheaper now in real terms.
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My husband equated it to the cost of a bar of chocolate, what does that say, yes,he is a chocoholic
I really must find out more about this man, he apparently fought in the Spanish Civil War, hence him not appearing in tbe 1939 listings or anywhere else
Louisa maud
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In fact I really cannot believe that this man left this amount of money, I wonder where he got it from to be honest, only found his marriage and death, can't out his details online till I have cleared it with his family distantly related to me , his wife appears to have left nothing
Louisa Maud
In 1899 my gg grandfather left almost £3500 in his will and I have not got a clue where it came from. He was a drayman so he certainly did not earn it, I know he received a sixth share of his uncle's estate but unfortunately the will does not say what it amounted to, the total estate was only around that figure. I am trying to locate other wills he may have benefitted from but lockdown has put a stop to that at the moment.
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A down to earth way is to link the sum with average wages as Guyana has done. £2400 is 320 weeks (6 years) wages @ £7 10s a week.
Average 2019 salary (Office for National Statistics and Fantasy) was £36611, equating to £222,5000 making ShaunJ's comparator pretty much on the money.
MaxD
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Pretty sure the price of petrol in 1954 was per gallon not litres. Need to divide the price by 4.56 to finish price per litre.
I remember fuel being 1s-3d per gallon and I wasn't born in 1954 ;D :P
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Pretty sure the price of petrol in 1954 was per gallon not litres
4/6 per gallon = approximately 1/- per litre
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I think my pocket money was 6d a week 8)
PS - I'm sure petrol was 33p a gallon in 1972-3, just before the oil crisis.
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Average wage at the time
https://trove.nla.gov.au/newspaper/article/18416654
Their yearly survey showed that the average salary in the UK for men and women combined was £29,009, which includes those in both full-time and part work. For those in full-time work, the average UK salary is £35,423 and £12,083 for those in part-time.Nov 13, 2019
Roughly 40 times the amount from 1955 so £40.00
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Not a great difference between our ONS figure of 36.6 and the Aus figure of 35.4 but it does point up how fraught statistics can be (see present day daily announcements!).
MaxD
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If you do the Mars bars test then I think 4d so 60 can be bought with £1.00
now average 60p x 60 = £36.00
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I'm sure petrol was 33p a gallon in 1972-3, just before the oil crisis.
I remember that too.
Historic UK petrol prices (expressed in new pence per litre) are listed on page 24 of this Commons briefing paper: http://www.parliament.uk/briefing-papers/SN04712.pdf
Roughly 5p (one shilling) per litre is correct for 1954.
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In the late 1950s I can remember being able to buy fish and chips and still get change from a shilling. They tasted fantastic and were served in a newspaper.
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Yes Crumblie, 6d fish and three penarth o chips
Louisa Maud
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Louisa Maud - have you asked whether there is any money left?
MaxD