The pound, like all money, has no fixed value, it is changing all the time, predominantly downwards. Due to creeping inflation it is a shadow of its former self. An item costing £1 in 1973 would cost around £10.55 in today’s money. Odd, then, that pay has been ever decreasing for the last 50 years when we should be earning 9-10 times more than we earned in the 70s.
The value of the pound on a daily basis is measured in how much confidence the financial markets have in it, if confidence goes up , the value of the pound goes up and vice versa.
Money is an entirely human construct and the value of notes and coins is merely symbolic, they do not in themselves contain the value they represent. In the natural world they only have the value of the materials from which they are constructed, which in…
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