Star comment: Shrinking value of coins in our pocket
It is the 25th anniversary of the £2 coin and some of the statistics tell us much about how our society has changed in terms of cost of living.
The £2 coin had much buying power for essentials back in 1998 but much less so now. Back then, the £2 coin could have bought two pints of lager – but it would purchase less than half a pint today. The coin only has sufficient purchasing power to buy one loaf of bread now but would have bought four loaves 25 years ago.
A £2 coin in 1998 would also buy five litres of fuel but will now only give you 1.4 litres.
The buying power for essential goods has diminished much further than the actual value of the £2 coin in overall real terms. It is again an illustration that our current inflation crisis is hitting the items that we need most, like groceries and energy.
Inflation has become a fact of life and more must be done to bring it under control, painful though that is. The Government has presided over an economic slump that has led to low growth and high inflation, causing the Bank of England to increase interest rates.
That plays havoc with household budgets and puts some into poverty, when they simply cannot afford increased rents or mortgages.
It’s notable that a figure that would once have bought so much can now buy so little. It shows us how our economy has changed over a period of time and how tough things are for the mass of people whose household budgets no longer stretch the way they once did.
It also illustrates that we might expect to face more pain in the coming months and years, as the value diminishes yet further. We have a long way to go until the economy recovers.
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Dreams can come true if you work hard enough and have the talent. Three sports stars have made the headlines. Jude Bellingham is off to Real Madrid for a record £88.5 million. Moeen Ali has picked up an OBE after coming out of Test retirement to be in the England squad for Edgbaston. Meanwhile, Dame Denise Lewis has also been to Windsor Castle to pick up her honour.
All three are local people who have worked their way up through the ranks of their respective sports in the West Midlands and persevered with the support of family around them. They are an example to us all and people in whom we can be proud.
They have honed their talents on sports tracks and pitches locally and have become impressive role models who will inspire a new generation. They show that sport is fit and healthy in our region.
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