THIS photo of a 'keep the gate shut' sign, complete with the threat of a hefty fine of 40 shillings (£2), has been sent in by reader Jacky Muir.

There is no date on the sign so it has been difficult to calculate what that fine would be in today's terms.

An online calculation tool based on the Office for National Statistics composite price index looks at inflation rates over the years to come up with an estimate of what a given amount of money years ago would be worth today.

For example, it states that 40 shillings (£2) in 1970, just prior to decimalisation, would have the same buying power as £31.74 today.

The site adds that the 1970 inflation rate was 6.40%. This means that today's prices are 15.87 times higher than average prices since 1970, according to the ONS composite price index. A pound today only buys 6.30% of what it could buy back then.

The site also claims that one hundred years ago, 40 shillings (or £2) in 1921 is equivalent in purchasing power to about £100.43 today, an increase of £98.43 over 100 years.

The pound had an average inflation rate of 3.99% per year between 1921 and today, producing a cumulative price increase of 4,921.43%.

This means that today's prices are 50.21 times higher than average prices since 1921, according to the ONS composite price index. A pound today only buys 1.99% of what it could buy back then.

The 1921 inflation rate was -8.70%. The current year-over-year inflation rate (2020 to 2021) is now 0.70%1. If this number holds, £2 today will be equivalent in buying power to £2.01 next year.