REAL TERMS CALCULATOR 

This tool uses HM Treasury's Real Terms Deflator tables to convert from Cash Terms to Real Terms. 

Financial Year

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To Year

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From Year Cash Terms Real Terms ({{referenceyear}})
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This means that {{cashTerms}} in {{year}} has the same spending power as {{realTerms.format(2,3)}} in {{referenceyear}}

Calendar Year

Please select the year you are converting to (The Reference Year):

To Year

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From Year Cash Terms Real Terms ({{referenceyearC}})
{{realTermsC.format(2,3)}}

This means that {{cashTermsC}} in {{yearC}} has the same spending power as {{realTermsC.format(2,3)}} in {{referenceyearC}}

The Real Terms calculations above are carried out using HMT's deflator table. There are a number of methods for measuring inflation, however when discussing public revenue and expenditure, typically HMT's GDP deflator is used to calculate the real terms equivalent.

HMT's guidance paper states:

The Consumer Prices Index (CPI) and the Retail Prices Index (RPI) are the two main measures of consumer inflation in the UK. The Producer Price Index (PPI) measures the price changes of goods bought and sold by UK manufacturers. The Services Producer Price Index (SPPI) measures the price changes of services provided by UK businesses to other businesses and government.

The GDP deflator is a much broader price index than the CPI, RPI (which only measure consumer prices), or PPI as it reflects the prices of all domestically produced goods and services in the economy. Hence, the GDP deflator also includes the prices of investment goods, government services and exports, and excludes the price of UK imports. The wider coverage of the GDP deflator makes it more appropriate for deflating public expenditure series.


HMT Deflator table - Financial Year
Financial year 2024-25 = 100 per cent change
1955-56 3.1645
1956-57 3.3593 6.16
1957-58 3.5142 4.61
1958-59 3.5995 2.43
1959-60 3.6187 0.53
1960-61 3.6909 2.00
1961-62 3.8264 3.67
1962-63 3.9457 3.12
1963-64 4.0121 1.68
1964-65 4.201 4.71
1965-66 4.4272 5.38
1966-67 4.6525 5.09
1967-68 4.7796 2.73
1968-69 5.0299 5.24
1969-70 5.3774 6.91
1970-71 5.9079 9.87
1971-72 6.3551 7.57
1972-73 6.8955 8.50
1973-74 7.5015 8.79
1974-75 9.0263 20.33
1975-76 11.2333 24.45
1976-77 12.8005 13.95
1977-78 14.5596 13.74
1978-79 16.1988 11.26
1979-80 18.9324 16.88
1980-81 22.5457 19.09
1981-82 24.9204 10.53
1982-83 26.7569 7.37
1983-84 28.0299 4.76
1984-85 29.6689 5.85
1985-86 31.2847 5.45
1986-87 32.5556 4.06
1987-88 34.4507 5.82
1988-89 36.7965 6.81
1989-90 39.7716 8.09
1990-91 43.1083 8.39
1991-92 45.701 6.01
1992-93 46.9538 2.74
1993-94 48.2899 2.85
1994-95 49.091 1.66
1995-96 50.6447 3.16
1996-97 52.3579 3.38
1997-98 52.4935 0.26
1998-99 53.2311 1.41
1999-00 53.8894 1.24
2000-01 54.3697 0.89
2001-02 55.4597 2.00
2002-03 56.6 2.06
2003-04 57.9885 2.45
2004-05 59.7172 2.98
2005-06 61.3576 2.75
2006-07 63.2017 3.01
2007-08 64.438 1.96
2008-09 66.8397 3.73
2009-10 67.7042 1.29
2010-11 68.8561 1.70
2011-12 70.3261 2.13
2012-13 71.5454 1.73
2013-14 73.0337 2.08
2014-15 74.0662 1.41
2015-16 74.5804 0.69
2016-17 76.0754 2.00
2017-18 77.0388 1.27
2018-19 78.7948 2.28
2019-20 80.8738 2.64
2020-21 85.1002 5.23
2021-22 85.3036 0.24
2022-23 91.2996 7.03
2023-24 96.1117 5.27
2024-25 100.000 4.05
HMT Deflator table - Calendar Year
Calendar year 2025 = 100 per cent change
1955 3.0344
1956 3.2449 6.94
1957 3.3749 4.01
1958 3.4983 3.66
1959 3.5236 0.72
1960 3.5605 1.05
1961 3.6954 3.79
1962 3.8284 3.60
1963 3.8842 1.46
1964 4.023 3.57
1965 4.2621 5.94
1966 4.4896 5.34
1967 4.622 2.95
1968 4.816 4.20
1969 5.1351 6.63
1970 5.6294 9.63
1971 6.0957 8.28
1972 6.5561 7.55
1973 7.1384 8.88
1974 8.2922 16.16
1975 10.4595 26.14
1976 12.0781 15.47
1977 13.752 13.86
1978 15.3753 11.80
1979 17.5958 14.44
1980 21.1501 20.20
1981 23.7558 12.32
1982 25.6563 8.00
1983 27.0789 5.54
1984 28.4962 5.23
1985 30.0366 5.41
1986 31.3802 4.47
1987 33.1066 5.50
1988 35.1435 6.15
1989 37.9703 8.04
1990 41.215 8.55
1991 43.9785 6.71
1992 45.4142 3.26
1993 46.7746 3.00
1994 47.6384 1.85
1995 48.8847 2.62
1996 50.9091 4.14
1997 50.929 0.04
1998 51.606 1.33
1999 52.3258 1.39
2000 52.8377 0.98
2001 53.7416 1.71
2002 54.8629 2.09
2003 56.1691 2.38
2004 57.7042 2.73
2005 59.3559 2.86
2006 61.1841 3.08
2007 62.4026 1.99
2008 64.4827 3.33
2009 65.7619 1.98
2010 66.6341 1.33
2011 68.2848 2.48
2012 69.3408 1.55
2013 70.835 2.15
2014 71.9658 1.60
2015 72.449 0.67
2016 73.7039 1.73
2017 74.8427 1.55
2018 76.3117 1.96
2019 78.1895 2.46
2020 82.1469 5.06
2021 82.5539 0.50
2022 87.2435 5.68
2023 92.7868 6.35
2024 96.4342 3.93
2025 100.000 3.70

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REFERENCES & FOOTNOTES