The average family today is almost twice as well off in real terms as people back in 1952 when the Queen came to the throne, according to new research to mark the Platinum Jubilee. Although inflation is running at a 40-year high of nine per cent and millions are struggling to cope with soaring cost of living, average weekly pay is 61 times higher than 70 years ago, while the state pension is 123 times more.
Despite big rises, petrol now costs 49 times more, a pint of milk is 26 times more and a mid-range TV is less than five times more, according to a study by cost-of-living champions Nous.co. The major price rises the country has faced since 1952 are in house prices - which have risen 185-fold from an average £1,891 to almost £350,000 – and in the cost of energy for homes.
Back in the 50s, few houses had central heating. Coal for the fire and the small amount of power used for light and minimal electrical items would have cost less than £1 a week. By the end of this year the average home will be paying £3,000 a year or almost £60 a week.
