How kind it would be to our wallets if the High Street did a ‘Rick Stein’ and charged us 1975 prices for a little while (four days in Rick’s case). We’d laugh all the way to the bank, if we could find one still open.
A liter of milk for just sixpence, compared to the 65p we now pay for a full British variety. Then 83p for half a kilo of sirloin compared to the £13 you pay at Tesco’s (the “best”, naturally). And fish and chips, wrapped in newspaper, for 35p.
Although life 50 years ago was much less expensive in absolute monetary terms, I wouldn’t want to go back in time.
While my memory is not as sharp as it was when I was a teenager growing up in Birmingham, I do remember that life in the Prestridge household was not without its financial challenges.
For us, a family of six, sirloin was off the menu and there was offal everywhere. That meant sandwiches with tripe, liver, kidney and, if Dad cooked, heart. Partly because it was the food Mom and Dad grew up with, and partly as a result of the household’s financial difficulties.
Clothes were not thrown away but rather mended, while shoes were worn out on the floor.
Pints of milk increased by a staggering 983%, while the cheapest ticket to see Manchester United soared by 10,054%.
To mark 50 years since opening his flagship restaurant in Padstow, Cornwall, Rick Stein has rolled back his restaurant prices to 1975.
Food and entertainment prices have risen to unrecognizable prices since 1975.
As for holidays abroad, they were as rare as hen’s teeth: a caravan in Tenby, South Wales, was standard fare.
As a young man interested in politics and economics, I also remember that 1975 was an economic disaster (yes, you guessed it correctly, the Labor Party was in power).
Inflation was approaching 25 percent, allowing powerful unions like the National Union of Mineworkers to secure spectacular pay rises for their members, while unemployment topped one million. Worse than Labor 2025, but still early days for Ms Reeves and Sir Keir Starmer.
Although some items have become cheaper in relative terms, such as air travel (thanks Ryanair and easyJet), life is now more expensive. And in recent years, the wrecking ball of war-induced inflation in Ukraine is largely to blame.
Energy bills remain decidedly high. However, the demands on household incomes are more a reflection of the march of consumerism than relentless price increases.
Only one thing has dropped in price: the television. As the technology has become more accessible, it is actually down 45%.
Our propensity to spend is driven by a stream of new gadgets, easy credit, keeping up with others, convenience (online shopping and home delivery) and persuasive advertising from global brands.
Fifty years ago, you were part of the crowd if you owned a color television. For most people, the only way to watch television was to rent one. Today, few family homes lack at least one television (flat screen and the size that fits on a wall) with subscriptions to sports and movie channels.
Broadband, mobile phones and home computers are considered essential, while two-car families are normal. Dining out is a given, while it’s almost impossible to walk down the High Street without being tempted by an overpriced cup of coffee.
Many of us spend too much because we are overwhelmed by temptation. This was confirmed to me during lockdown when my expenses plummeted and I saved like never before.
There is a middle ground between these extremes of excessive spending and only essential spending, which is the way to go. I’m desperately looking for it.