Pound takes a battering

SINCE the original £1 coin was first minted in 1983, inflation has wiped away two-thirds of its value in real terms, according to analysis by M&G Investments.

It found that, when the eroding impact of inflation was taken into account, a £1 coin left sitting in a piggy bank since 1983 would be worth just 32p now.

If the quid had instead been put in a cash savings account in 1983, it would be worth around £1.33 today in real terms, according to the calculations.

And if it had been invested in stocks and shares, its real value could now be around £11.66.