Value of £20 from 2002 to 2017
£20 in 2002 is equivalent in purchasing power to about £30.93 in 2017, an increase of £10.93 over 15 years. The pound had an average inflation rate of 2.95% per year between 2002 and 2017, producing a cumulative price increase of 54.64%.
This means that prices in 2017 are 1.55 times as high as average prices since 2002, according to the Office for National Statistics composite price index.
The inflation rate in 2002 was 1.67%. 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 | 54.64% |
| Average inflation rate | 2.95% |
| Converted amount £20 base | £30.93 |
| Price difference £20 base | £10.93 |
| CPI in 2002 | 695.100 |
| CPI in 2017 | 1,074.900 |
| Inflation in 2002 | 1.67% |
| Inflation in 2017 | 3.58% |
| £20 in 2002 | £30.93 in 2017 |
Buying power of £20 in 2002
This chart shows a calculation of buying power equivalence for £20 in 2002 (price index tracking began in 1750).
For example, if you started with £20, you would need to end with £30.93 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
When £20 is equivalent to £30.93 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 2002 dollars, the chart below shows how £20 is worth less over 15 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 2002 amounts in 2017 pounds, based on the 54.64% change in prices:
| Initial value | Equivalent value |
|---|---|
| £1 pound in 2002 | £1.55 pounds in 2017 |
| £5 pounds in 2002 | £7.73 pounds in 2017 |
| £10 pounds in 2002 | £15.46 pounds in 2017 |
| £50 pounds in 2002 | £77.32 pounds in 2017 |
| £100 pounds in 2002 | £154.64 pounds in 2017 |
| £500 pounds in 2002 | £773.20 pounds in 2017 |
| £1,000 pounds in 2002 | £1,546.40 pounds in 2017 |
| £5,000 pounds in 2002 | £7,731.98 pounds in 2017 |
| £10,000 pounds in 2002 | £15,463.96 pounds in 2017 |
| £50,000 pounds in 2002 | £77,319.81 pounds in 2017 |
| £100,000 pounds in 2002 | £154,639.62 pounds in 2017 |
| £500,000 pounds in 2002 | £773,198.10 pounds in 2017 |
| £1,000,000 pounds in 2002 | £1,546,396.20 pounds in 2017 |
How to calculate inflation rate for £20, 2002 to 2017
Our calculations use the following inflation rate formula to calculate the change in value between 2002 and 2017:
CPI in 2017 CPI in 2002
×
2002 GBP value
=
2017 GBP value
Then plug in historical CPI values. The U.K. CPI was 695.1 in the year 2002 and 1074.9 in 2017:
1074.9695.1
×
£20
=
£30.93
£20 in 2002 has the same "purchasing power" or "buying power" as £30.93 in 2017.
To get the total inflation rate for the 15 years between 2002 and 2017, we use the following formula:
CPI in 2017 - CPI in 2002CPI in 2002
×
100
=
Cumulative inflation rate (15 years)
Plugging in the values to this equation, we get:
1074.9 - 695.1695.1
×
100
=
55%
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: “£20 in 2002 → 2017 | UK Inflation Calculator.” Official Inflation Data, Alioth Finance, 25 Apr. 2024, https://www.officialdata.org/2002-GBP-in-2017?amount=20.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
| Cumulative price change | 54.64% |
| Average inflation rate | 2.95% |
| Converted amount £20 base | £30.93 |
| Price difference £20 base | £10.93 |
| CPI in 2002 | 695.100 |
| CPI in 2017 | 1,074.900 |
| Inflation in 2002 | 1.67% |
| Inflation in 2017 | 3.58% |
| £20 in 2002 | £30.93 in 2017 |