Value of 1968 British Pounds today

£22 in 1968

£331.14 today

The inflation rate in United Kingdom between 1968 and today has been 1,405.18%, which translates into a total increase of £309.14. This means that 22 pounds in 1968 are equivalent to 331.14 pounds in 2021. In other words, the purchasing power of £22 in 1968 equals £331.14 today. The average annual inflation rate has been 5.15%.

Inflation timeline in United Kingdom (1968-2022)

The following chart depicts the equivalence of £22 throughout the years due to inflation and CPI changes. All values are equivalent in terms of purchasing power, which means that for each year the same goods or services could be bought with the indicated amount of money.

All calculations are performed in the local currency (GBP) and using 6 decimal digits. Results show only up to 2 decimal digits to favour readability. Inflation data is provided by governments and international institutions on a monthly basis. Today's values were obtained by estimating figures from recent trends.

The following table contains relevant indicators:

Indicator Value
Total Inflation (1968-2021) 1,404.38%
Total Inflation* 1,405.18%
Annual inflation avg. (1968-2021) 5.25%
Annual inflation avg.* 5.15%
CPI 1968 7.27
CPI 2021 109.4
CPI today* 109.46
£1 in 1968 £15.04 in 2021

* Values extrapolated from the last official data to obtain today's values.

How to calculate today's value of money after inflation?

There are several ways to calculate the time value of money. Depending on the data available, results can be obtained by using the compound interest formula or the Consumer Price Index (CPI) formula.

Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as a compound interest, the following formula can be used: FV = PV (1 + i)n, where:

  • FV: Future Value
  • PV: Present Value
  • i: Interest rate (inflation)
  • n: Number of times the interest is compounded (i.e. # of years)

In this case, the future value represents the final amount obtained after applying the inflation rate to our initial value. In other words, it indicates how much are £22 worth today. There are 53 years between 1968 and 2021 and the average inflation rate has been 5.1495%. Therefore, we can resolve the formula like this:

FV = PV (1 + i)n = £22 * (1 + 0.05)53 = £330.96

Using the CPI formula

When the CPI for both start and end years is known, the following formula can be used:

Final value = Initial value *
CPI final/CPI initial

In this case, the CPI in 1968 was 7.27 and the CPI today is 109.46. Therefore,

Final value = Initial value *
CPI final/CPI initial
= £22 *
109.4/7.27
= £330.96

United Kingdom inflation - Conversion table

Initial Value Equivalent value
£1 pound in 1968 £15.05 pounds today
£5 pounds in 1968 £75.26 pounds today
£10 pounds in 1968 £150.52 pounds today
£50 pounds in 1968 £752.59 pounds today
£100 pounds in 1968 £1,505.18 pounds today
£500 pounds in 1968 £7,525.88 pounds today
£1,000 pounds in 1968 £15,051.76 pounds today
£5,000 pounds in 1968 £75,258.79 pounds today
£10,000 pounds in 1968 £150,517.58 pounds today
£50,000 pounds in 1968 £752,587.88 pounds today
£100,000 pounds in 1968 £1,505,175.76 pounds today
£500,000 pounds in 1968 £7,525,878.81 pounds today
£1,000,000 pounds in 1968 £15,051,757.63 pounds today

Value of Pound over time (by year)

Period Value
1968 22
1969 23.31
1970 24.4
1971 26.32
1972 28.7
1973 30.89
1974 34.16
1975 40.7
1976 50.83
1977 58.49
1978 65.59
1979 71.09
1980 83.35
1981 95.95
1982 107.51
1983 113.32
1984 119.35
1985 124.81
1986 131.86
1987 136.8
1988 141.88
1989 149.15
1990 157.92
1991 172.44
1992 183.63
1993 189.38
1994 193.62
1995 198.15
1996 204.2
1997 209.95
1998 213.89
1999 217.82
2000 221.15
2001 223.87
2002 226.89
2003 230.83
2004 233.85
2005 237.79
2006 242.93
2007 249.89
2008 255.63
2009 263.5
2010 268.95
2011 277.42
2012 287.4
2013 294.36
2014 300.11
2015 302.22
2016 303.74
2017 309.18
2018 317.65
2019 324.01
2020 328.24
2021 330.96
Today 331.14