Rising cost of living, who would believe that £1 million in 1973 would be worth £10.5 million today? Over the last four decades the value of the pound has decreased by more than 91%. Using data from sources as the Office for National Savings calculations mean that £1 today has the same buying power as 9p in 1973. Not only have household items gone through the roof, some examples below:
Its prediction means that someone would need to earn over £3 million in 40 years' time to enjoy the same lifestyle as someone who now has £1 million.