Value of £3,000,000 from 1971 to 2017
£3,000,000 in 1971 is equivalent in purchasing power to about £40,308,750 in 2017, an increase of £37,308,750.00 over 46 years. The pound had an average inflation rate of 5.81% per year between 1971 and 2017, producing a cumulative price increase of 1,243.63%.
This means that prices in 2017 are 13.44 times as high as average prices since 1971, according to the Office for National Statistics composite price index.
The inflation rate in 1971 was 9.44%. The inflation rate in 2017 was 3.58%. The 2017 inflation rate is lower compared to the average inflation rate of 4.03% per year between 2017 and 2024.
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| Cumulative price change | 1,243.63% |
| Average inflation rate | 5.81% |
| Converted amount £3,000,000 base | £40,308,750 |
| Price difference £3,000,000 base | £37,308,750.00 |
| CPI in 1971 | 80.000 |
| CPI in 2017 | 1,074.900 |
| Inflation in 1971 | 9.44% |
| Inflation in 2017 | 3.58% |
| £3,000,000 in 1971 | £40,308,750 in 2017 |
Buying power of £3,000,000 in 1971
This chart shows a calculation of buying power equivalence for £3,000,000 in 1971 (price index tracking began in 1750).
For example, if you started with £3,000,000, you would need to end with £40,308,750 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When £3,000,000 is equivalent to £40,308,750 over time, that means that the "real value" of a single U.K. pound decreases over time. In other words, a pound will pay for fewer items at the store.
This effect explains how inflation erodes the value of a pound over time. By calculating the value in 1971 dollars, the chart below shows how £3,000,000 is worth less over 46 years.
According to the Office for National Statistics, each of these GBP amounts below is equal in terms of what it could buy at the time:
This conversion table shows various other 1971 amounts in 2017 pounds, based on the 1,243.63% change in prices:
| Initial value | Equivalent value |
|---|---|
| £1 pound in 1971 | £13.44 pounds in 2017 |
| £5 pounds in 1971 | £67.18 pounds in 2017 |
| £10 pounds in 1971 | £134.36 pounds in 2017 |
| £50 pounds in 1971 | £671.81 pounds in 2017 |
| £100 pounds in 1971 | £1,343.63 pounds in 2017 |
| £500 pounds in 1971 | £6,718.13 pounds in 2017 |
| £1,000 pounds in 1971 | £13,436.25 pounds in 2017 |
| £5,000 pounds in 1971 | £67,181.25 pounds in 2017 |
| £10,000 pounds in 1971 | £134,362.50 pounds in 2017 |
| £50,000 pounds in 1971 | £671,812.50 pounds in 2017 |
| £100,000 pounds in 1971 | £1,343,625.00 pounds in 2017 |
| £500,000 pounds in 1971 | £6,718,125.00 pounds in 2017 |
| £1,000,000 pounds in 1971 | £13,436,250.00 pounds in 2017 |
How to calculate inflation rate for £3,000,000, 1971 to 2017
Our calculations use the following inflation rate formula to calculate the change in value between 1971 and 2017:
CPI in 2017 CPI in 1971
×
1971 GBP value
=
2017 GBP value
Then plug in historical CPI values. The U.K. CPI was 80 in the year 1971 and 1074.9 in 2017:
1074.980
×
£3,000,000
=
£40,308,750
£3,000,000 in 1971 has the same "purchasing power" or "buying power" as £40,308,750 in 2017.
To get the total inflation rate for the 46 years between 1971 and 2017, we use the following formula:
CPI in 2017 - CPI in 1971CPI in 1971
×
100
=
Cumulative inflation rate (46 years)
Plugging in the values to this equation, we get:
1074.9 - 8080
×
100
=
1,244%
Data source & citation
Raw data for these calculations comes from the composite price index published by the UK Office for National Statistics (ONS). A composite index is created by combining price data from several different published sources, both official and unofficial. The Consumer Price Index, normally used to compute inflation, has only been tracked since 1988. All inflation calculations after 1988 use the Office for National Statistics' Consumer Price Index, except for the current year, which is based on The Bank of England's forecast.
You may use the following MLA citation for this page: “£3,000,000 in 1971 → 2017 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 22 Nov. 2024, https://www.officialdata.org/1971-GBP-in-2017?amount=3000000.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
in2013dollars.com is a reference website maintained by the Official Data Foundation.
| Cumulative price change | 1,243.63% |
| Average inflation rate | 5.81% |
| Converted amount £3,000,000 base | £40,308,750 |
| Price difference £3,000,000 base | £37,308,750.00 |
| CPI in 1971 | 80.000 |
| CPI in 2017 | 1,074.900 |
| Inflation in 1971 | 9.44% |
| Inflation in 2017 | 3.58% |
| £3,000,000 in 1971 | £40,308,750 in 2017 |