With rising inflation, 'Money go round' takes a look at the average weekly shop. First shown: 25/03/1977 If you would like to license a clip please e mail: archive@fremantle.com Quote: VT16051
They bang on about inflation now, but it's always been an issue. However, we need to remember that in 1977 there were no minimum wage laws, no equal pay for women, no extra help for working class people and the dole was barely enough to pay rent and utilities and food to eat, food banks did not exist then Also, single mothers got none of thr extras they get now. How do I know? Because my mother was a single mother, a divorcee with three kids and no money from my deadbeat dad. Meals were made from scratch and no snacks between meals. Inflation may be an issue in both 1977 and 2023,but, there is help for people now, unlike 1977.
I wish they would do a comparison like this in todays media. The simple inflation rate says nothing, but you need to compare everyday items that most people need to buy.
Has anyone calculated what that list would cost in 2023? It would be interesting to know. If we only knew then how exponentially more complex life would be 50 years later… Thanks for posting these bits of the past!
£212.79 in todays money, give or take. I wonder what the average wage was in 1977 compared with today. Either way, the cost of 'living' seems like it has always been high.
They won't report it. I think the corporate media consolidation of the past few decades as killed such independent thinking culture. Honestly I cannot confirm that as I no longer watch the corporate media...
@@AnthonyMonaghan The stats say that the average working mans wage back then was about £65 to £70 but, as ever, averages are a bit misleading as they don't take into account regional variations. I don't think my dad earned that doing manual work in Staffordshire; more like £40 to £50. So basically the weekly shop was a third to a half of your wages!
In todays money that basket would cost one arm, one leg, a kidney and an eyeball. Experts predict that by 2033 you will have to donate ALL of your organs to be able to afford a packet of Jammy Dodgers.
Yes, kind of. But back then, people didn't expect to have a car, delivery food, foreign holidays, personal trainers, car valeting, someone else to do their eyebrows and nails, they didn't have Internet and Netflix and mobile phones, their kids didn't have parties with stretch limos, they didn't have TVs the size of a football pitch, they didn't live on credit etc etc etc. People want all that sh*t, they've got to pay for it. I'm old enough to remember that people lived according to their means. 👍
@@M123OCT a great comment! Expectations are much higher than they were then. The only exception would be the house prices to wages ratio which is appalling now.
@@insertnamehere5146yes we have more temptations now but yes it’s the house to wage difference which is the killer. Back then if you worked hard at any type of job be it skilled or unskilled then you were guaranteed (even as a single person) to be able to afford a home - be it a flat or tiny little two up two down. Now though it’s so difficult the younger generation tend to spend on ‘experiences’ like holidays and getting themselves dolled up etc as they’re just resigned to the fact that it’s almost impossible to get on the property ladder and don’t want to spend the best part of their 20s and 30s tightening their belt or living with parents until they’re 40 odd.
@@MadBiker-vj5qj The half penny mentioned in this video was the decimal half penny not the pre-decimal ha'penny. The pre-decimal ha'penny is equal to two farthings. The farthing coin was demonetised after 31-December 1960. Before 1971, a Pound was equivalent to 20 Shillings; each Shilling (bob) is equivalent to 12 pence (£1 = 240 pence). One bob that used to be equivalent to 12 pence (12d) became 5 new pence (5p) only in 1971. It lost 7 pence (7d) or 58.33% of its value. To mitigate the situation, the Royal Mint minted ½ new penny coins (½p). Since 12 won't fit into 5, duplicate values cannot be avoided: ½p = 1d 1p = 2d & 3d 1½p = 4d 2p = 5d 2½p = 6d 3p = 7d 3½p = 8d 4p = 9d & 10d 4½p = 11d 5p = 1 shilling The new half penny coin (½p) was demonetised on 31-December 1984. I think the government already had intention to not include the new half penny coin (½p) from the beginning of the decimalisation plan. They minted the new half penny coin (½p) as the ugliest coin and majority of the people don't want to use it. It was even ignored in banking transactions. Because of its tiny size (unlike the pre-decimal ha'penny) and ugly design, most people perceive it as having no value. In street markets, most of the vendors don't want to use the new half penny (½p) in pricing their items or products. They rounded-up the prices to the nearest new penny. When the new half penny coin (½p) was introduced on 15-February 1971 (Decimal day), the government said that it is just a temporary coin and it will soon be demonetised once it lost its value due to inflation. The government's words sounded more prophetic than they ever thought; the 1970s was the worst decade for Britain due to yearly double-digit inflation (skyrocketing to 25% in 1975). Bermuda Islands had the most logical method of decimalisation, the 240 pence became 240 cents. One Bermudian Pound is equivalent to two Bermudian Dollars and forty cents (BD£1 = BD$2.40).
Who remembers when journalists use to do the bare minimum of investigative journalism and didn't act as the direct mouthpiece of the masters the criminal politicians?
Tony Bastable presenting ( there’s a blast from the past). I was a child then and inflation was rocketing between 1974-77, sweets I would buy with my pocket money would increase on a weekly basis. I think it peaked at almost 30% in the summer of 1975, however, unlike the ‘suck it up austerity’ mantra of modern times, pay was linked to inflation so living standards in general did not actually fall.
Yes, but only the 'smart' money got in AND out very quickly! Silver bubbled along at £2 or £3 an ounce for a few years, then went from £4 an ounce in July 1979 to over £18 an ounce in just 6 months in January 1980 - a rise of around 450% in 6 months - just before a gargantuan collapse back down to just over £5 in May 1980, then a couple of small rallies to about £8 an ounce in October 1980 and February 1983, then it settled at between £2 and £4 an ounce for 25 years until 2006/07 ish, when it started to rise again. Anybody buying at the peak in late 1979 to January 1980, had to wait over 30 YEARS before the price of silver hit the 1980 price of over £18. In fact, in only 5 of the 43 years since the peak price of silver in 1980, has silver been worth £18 or more an ounce - for the other 38 years since 1980, the price was LESS than the 1980 peak. A lot of people lost out big time back then. Factor in inflation, and essentially nobody that bought in the peak rise of late 1979 to January 1980 EVER got their money back, or anywhere near it actually. Gold also peaked at the same time in January 1980, but oddly it essentially bubbled along at more or less the same price for 25 years until 2005.
i remember those huge pots of Ski! really nice 😁 shame, as with the vast majority of foodstuffs we used to love, they no longer taste nice. and inflation? well, when have things ever gone down? plus ça change. food prices have rocketed at ever-increasing speed.
@@kamikazilucas My father could not support his family on his wage in 77. My mother also had to work. The money was used to feed the family and pay the council rent and not for fancy holidays or luxury lifestyles and cars. I came from a working-class family, not a middle class one who could afford to have mother at home.
People get help from charities and the government now and you were encouraged to go out to work because the dole money was not as generous as it is now. Layabouts and the workshy were looked down on then, now they get sympathy, especially if they claim to have 'mental health issues'
Lord Thames. I've got a special request. Back in the 1970's, Magpie did a visit to the Payne's & Wessex, fireworks factory, in Wiltshire. I can't remember the exact year, but it was when I was at secondary school, so it was from 1974 to 1979. I never got to see it as we didn't have video recorders, and I was told by my school chums about it the next morning. I'd love to see this film if you can stretch yourself into those lovely vaults of 16mm film.
How much of these price rises were solely related to inflation and how many were related to the impact of EEC policies such as the Common Agricultural Policy. Britain had only been in the "Common Market" for a few years, but it was already affecting trade with nations such as New Zealand
No, these price increases are most likely due to the 1970s oil crisis. The rising price of oil means a direct increase in the cost of running framing equipment, fishing trawlers, artificial fertilizer production etc.
1977 should have a look at 2023 prices! 😲 Oh, hang on a minute, 1977 has ALREADY looked at 2023 prices, because I was there, in 1977 myself! 🤣 EDIT: £28.31 for a basket in 1977? ... Last Friday in 2023, I paid £32 at Aldi for a TROLLEY FULL! 🤣 It's well worth shopping around to save a "half-penny!" 👍🤣
Queuing to use a payphone Sending telegrams Writing letters __________________________________________ Calling on a mobile Texting on a mobile What's a letter?
Back then I was only interested in the price of fuel because I was just starting out on my life has a motorist I was very lucky because my mother use to make sure I was wheel fed is funny now because my wife is making sure I don’t eat to much to keep my cholesterol low
1977 you super rich Thomas. That England London Britain yes Thomas. Appreciate your work. My sister Christine Sinclair she Age 19 she Sewing machinists Wrangler jeans Factory in Clyde industrial estate Patrick Glasgow. Her salary same as British MP in 1977 Thomas yes. She work in Springwell Pub in Partick Westend Glasgow Britain. Wrangler jeans Factory it Clyde industrial estate Patrick Glasgow Thomas. Glasgow had 100000 Manufacturing jobs in Glasgow city in 1977 yes Thomas.
People rented colour TVs back then, we still have a little electrical shop in my town that used to rent them out that has the old TV brands like PYE on the sign. I don't know how it keeps going. The 70s was the golden age of TV.
got your colour tv from radio rental when i was 10 year old at xmas dad got me a 12 inch bw PYE portable tv thought we was posh renting colour tv and owning a bw tv funny thing still got PYE bw tv in attic used to be white now turned funny yellow still works but cant get tv signal now its digital tv . hooked it up to my old commoder c16 yes from yorkshire and never thow anything out what still works thats why still using moped i got secound hand in jan 2002 only 23 year old
Is the government flat back in 1970s and they early gone bankrupt what my mother said and now same government called labour got in now for 50 years and hopefully they won’t make same mistake because like never gone bankrupt
Erm ... a little bit before her time. The collapse of the 70's wasn't a single issue problem but Marxist infiltration of Trade Unions and rapidly rising wages didn't help and that occurred during Labour governance. My impression, having lived through the time, was that the main, external, problem was oil prices. Of course I was too young to care and thought it was quite exciting that we had to light the house with candles and use paraffin heaters for half the week because there was no power.
