£200

[Connemmara]

I received £200 compo in 1972 - how much would that would have been worth today. Thanks.

[sandyRoe]

I guessed about 2K and according to this, wasn't far wrong. £2,237

http://www.thisismoney.co.uk/money/bills/article-1633409/Historic-inflation-calculator-value-money-changed-1900.html

[Svejk]

£6,000.
That's going on the price of a pint which is how I work inflation out.

[jim360]

A pint was worth barely tuppence in 1972?!

[factor-fiction]

It's always difficult to answer these- it depends whether you mean if you invested it, or index link it according to RPI , CPI or house prices or compare it to average earnings.

[Connemmara]

sorry - Factor received above as in compensation for being shot in the leg twice - no - not a punishment shooting - just at the time there were random shootings from cars then. Always thought it was far too little (even then).

[Connemmara]

I am fairly careful with money - but with that £200 - gave mum £50 - I spent the rest on clothes.

[chrisgel]

Jim - 1968 1 pint Wilsons Mild 1s/8d - about 8p
£1 = 16 pints - Happy Days :o)

[factor-fiction]

I don't know how much you pay for a pint, jim360.
At 16 pints to the pound in 1968 connemmara could have bought 3200 pints with her money. I reckon that would cost nearer £10000 now.

Of course you get totally different answers depending on which items you look at- basic food prices, pints, petrol, Mars Bars, houses, TVs, cars...

[factor-fiction]

^Although Chrisgels figure of 16 pints to the pound would mean a pint was 1s 4d not 1s 8d

[chrisgel]

Sorry - it's been so long since old money. 12 pints/£1

[chrisgel]

Not as good as it sounds though. I was earning £8 / week

[sandyRoe]

If we could only pay for stuff at 1970s prices with money earned at present day levels.

[Connemmara]

If only!!!

[Gizmonster]

You're going to get very different answers, depending on what you use as a yardstick.

If we assume that inflation averaged at 4% over the last 41 years, then £200 becomes £998.61.

If we assume that inflation averaged at 8% over the last 41 years, then £200 becomes £4692.50.

If we assume that inflation averaged at 10% over the last 41 years, then £200 becomes £9957.04.

...... take your pick :)

[Connemmara]

thanks for 3 resolutions - I would go for the first cos I do remember thinking it wasn't much at the time and I myself was earning £5 a week so was pretty disappointed as was mum but she wanted no fuss - so we just accepted it. Hey ho - I am still here. Health is wealth!!!

[ummmm]

Still seems low for someone who was shot, TWICE!!

[Connemmara]

totally agree with you Ummmm - but it was only one shot behind the knee and another into the calf of leg ie "flesh wounds" - never left me with a limp etc. TG.

[ummmm]

ONLY??

What about the psychological damage that could do?

If I got shot going about my business I think it would make me a little bit nervous!

Who paid you the compo? I think if that happened today you'd get 1000's...

[factor-fiction]

If you compare it to your wages it doesn't seem quite so low- it equated to 40 week's pay.
If the same job pays £300 a week now (just a guess) then that would equate to £12000.
Whether the compo was too low depends on the impact of the injury. Presumably there was an agreed scale so perhaps there was nothing you could have done by challenging it

[factor-fiction]

In case Tilly2 sees this, I meant 40 weeks' pay