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Value of 2003 British Pounds today

£100 in 2003
£170.85 in 2024

The inflation rate in the United Kingdom between 2003 and today has been 70.85%, which translates into a total increase of £70.85. This means that 100 pounds in 2003 are equivalent to 170.85 pounds in 2024. In other words, the purchasing power of £100 in 2003 equals £170.85 today. The average annual inflation rate between these periods has been 2.58%.

Inflation timeline in the United Kingdom (2003 - 2024)

The following chart depicts the equivalence of £100 due to compound 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 extrapolated from the latest 12-month rolling average official data.

The following table contains relevant indicators:

Indicator Value
Cumulative inflation 2003-2023 67.67%
Cumulative inflation 2003-today 70.85%
Avg. Annual inflation 2003-2023 2.62%
CPI 2003 76.7
CPI 2023 128.6
CPI 2023-12 (latest official data) 130.5
CPI today 131.04

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 Consumer Price Index (CPI) formula or the compound interest formula.

Using the CPI formula

When we have both the start and end years, we can use the following formula:

Valuet =Value0 ×
CPIt/CPI0

To obtain the values equivalent in buying power between 2003 and 2023, use the corresponding CPI values:

Value2023
=Value2003 ×
CPI2023/CPI2003
=£ 100 ×
128.6/76.7
£167.67

To obtain the equivalent value today (present value), plug in the CPI for today, which is estimated as 131.04:

Valuetoday
=Value2003 ×
CPItoday/CPI2003
=£ 100 ×
131.04/76.7
£170.85

Alternative: Using the compound interest formula

Given that money changes with time as a result of an inflation rate that acts as compound interest, we can use the following formula: 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 £100 worth today. There are 20 years between 2003 and 2023 and the average inflation rate was 2.6177%. Therefore, we can resolve the formula like this:

Value2023
=PV × (1 + i)n
=£100 × (1 + 0.026177)20
£167.67

UK inflation - Conversion table

Initial Value Equivalent value
£1 pound in 2003 £1.68 pounds in 2023
£5 pounds in 2003 £8.38 pounds in 2023
£10 pounds in 2003 £16.77 pounds in 2023
£50 pounds in 2003 £83.83 pounds in 2023
£100 pounds in 2003 £167.67 pounds in 2023
£500 pounds in 2003 £838.33 pounds in 2023
£1,000 pounds in 2003 £1,676.66 pounds in 2023
£5,000 pounds in 2003 £8,383.31 pounds in 2023
£10,000 pounds in 2003 £16,766.62 pounds in 2023
£50,000 pounds in 2003 £83,833.12 pounds in 2023
£100,000 pounds in 2003 £167,666.23 pounds in 2023
£500,000 pounds in 2003 £838,331.16 pounds in 2023
£1,000,000 pounds in 2003 £1,676,662.32 pounds in 2023
Cumulative inflation From 2003 70.85%
Avg. annual inflation From 2003 2.58%
CPI 2003 76.7
CPI today 131.04

Value of Pound over time (by year)

Period Value
2003 100
2004 101.43
2005 103.52
2006 106.13
2007 108.6
2008 112.39
2009 114.6
2010 117.47
2011 122.03
2012 125.16
2013 128.03
2014 129.86
2015 130.38
2016 131.68
2017 135.07
2018 138.2
2019 140.55
2020 141.98
2021 145.5
2022 157.11
2023 167.67
2023-12 170.14
Today 170.85

All available years

Today's value of british pounds by year:

1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |

Other currencies: