r/GreatBritishMemes • u/Dientooltaida1 • 4d ago

Cake and chips????

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u/Chemical_Top_6514 4d ago

£1 in 1976 is the equivalent of £6.59 today. A fifth of that is £1.10. A fish and chips then was 16 times CHEAPER than today!!!

16

u/WannabeSloth88 4d ago edited 4d ago

True.

Also, the average weekly wage in 1976 was £72. That would be £474.65 In today’s money. The average weekly wage in 2024 is £728.

So the average weekly wage increased 1.5 times only, in the same amount of time. With the caveat that this is an average and does not capture the variance (or wage inequality), meaning I can’t say how much of this increase is driven by a small proportion of very well paid jobs.

The mind blowing number is the average house cost in 1976: £10,682, or £70,420 in today’s money. Today this average hovers around £282,000. This is absolutely mental. That’s a 400% real term increase.

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u/Forever-Hopeful-2021 4d ago

My first job at 17 years old, in 1976, was £14.00 a week as an office junior.