Elizabeth II ascended the throne on February 6, 1952 after the death of her father, George VI. He was 25 years old and had inherited a Kingdom that had just recovered from the ravages of World War II. It was abject poverty – butter, bacon and meat were rationed and Sir Winston Churchill was Prime Minister.

Since then, presidents, prime ministers, popes have changed, the USSR (Soviet Union) has collapsed, and the British Empire, once very powerful, has collapsed, and in its place has emerged the Commonwealth of Nations (the Commonwealth, originally known as the British Commonwealth). of the 54 nations in which the Queen played a key role and which many consider her crowning achievement.

In 1952, men wore ties even in their free time, and in pubs across the Kingdom a pint of beer cost as little as 6p.

The UK economy in 2022 is unrecognizable compared to the one Queen Elizabeth II received 70 years ago.

As I said above, butter, bacon and meat were rationed in 1952, when the UK economy was only a fifth of its current size.

When the queen ascended the throne, money was counted in shillings. A shilling has been a term of account since Anglo-Saxon times. In Kent the value of a shilling was equivalent to the value of a cow, and elsewhere it was equivalent to the value of a sheep. A shilling was worth 12 pence, and 20 shillings equaled one pound. The British shilling remained in circulation until 1971.

In 1952, men wore ties even in their free time, and a pint of beer in the Kingdom’s pubs cost just 6p.

Nowadays, it is difficult to see people in suits in the pub, and beer and gin have become much cheaper.

Now the economy is five times bigger, but productivity has slowed

When Elizabeth became queen, inflation in the kingdom was 11.2%. That’s right, it’s very likely that we’ll see the same level of price growth in the UK in 2022.

According to an analysis by Reuters and Bloomberg, Britons now earn (at purchasing power parity) 6% more than those born in 1952. Also, at age 70, men and women now have 7 more years of life expectancy than those born seven decades ago. .

Now the economy is five times bigger, but productivity has slowed.

Meanwhile, the economy has experienced a series of ups and downs. Oil shocks, currency crises, speculative bubbles and (especially) Brexit, together with the pandemic, ended the period of rapid economic growth.

The number of people employed in production fell sharply from 29% to 7%. Instead, the service sector exploded. In addition, the deregulation of the banking sector has made the UK a global financial center.

Over the past 70 years, housing prices have increased more than four times

Over the past 70 years, housing prices have more than quadrupled, according to Reuters and Bloomberg. Indeed, nowhere has Britain’s transformation been more evident than in the property market. According to the Nationwide Building Society, the average house price has risen from less than £2,000 (equivalent to around £60,000 today) to £270,000.

Inflation has hit a 40-year high, although interest rates are still near historic lows.

Britain is also no longer the trading power it once was. In 1960, it accounted for 9% of world exports of goods. Now its share is slightly more than 2%.

The decline occurred as a result of increased globalization and the shift of production to lower-cost countries such as China.