Today sees the launch of the new £10 note, featuring Jane Austen on the 200th anniversary of her death in 1817.
New data from the Office of National Statistics also published today shows that inflation now sits at 2.6 per cent – exceeding the Government’s 2 per cent target for the fifth month in a row.
A large income is the best recipe for happiness I ever heard of
Jane Austen, Mansfield Park
So thank goodness Aviva has done the work for us and worked out what £10 was worth 200 years ago.
Its analysis shows that the purchasing power of £10 has declined by nearly 99 per cent since 1817.
The £10 note now has a relative purchasing power of 13p, compared to what it could buy in 1817. Back then, £10 could buy £786 worth of stuff in today’s money. A timely inflation lesson indeed.
Alistair McQueen, head of saving and retirement at Aviva, said: “While inflation has fallen, it looks set to stay. Inflation still exceeds the Government’s 2% target for the fifth month in a row, after three years of below-target reporting. Recent research from Aviva found ‘price increases’ to be the number one financial concern amongst parents in the UK.
“Inflation silently shrinks the value of our hard-earned cash. Today’s new £10 note allows us to powerfully demonstrate the impact of inflation over time.
“In Mansfield Park, Jane Austen wrote: ‘A large income is the best recipe for happiness I ever heard of.’ With cautious budgeting and careful investing, inflation need not mess with that recipe.”