67p none the richer: popular music uprated for inflation

In which the fun is sucked out of music.

Everyone writes music about money. It's one of the most emotive of topics, alongside love, death, and writing songs about writing songs. But music is forever, and contemporary price levels are not. If you include a concrete value in your song, be prepared for it to sound increasingly out of date. But what if you adjusted those prices in line with inflation?

22 Grand Job

"22 grand job in the city, that sounds nice," sang the Rakes, in May 2004 (the single was later rereleased by V2 records in March 2005, but unacceptably, the band failed to update the sum despite low and stable inflation in the intervening ten months). The song remains popular(ish), but the sums are now woefully out of date.

To the young indie rockers of 2013, trying to really understand what Alan Donohoe, the band's lead singer, was feeling when he sang those words, we have to uprate them to fit for the world of today.

The CPI measure of inflation is indexed so that May 2005 is equal to 100. In May 2004, the index stood at 98.1, while December's level was 125. Do the sums, and we can work out that, for someone to feel as "alright" as Donahoe did in 2004, they would now have to be earning £28,032.62. Round it down to a 28 grand job, and it even scans acceptably.

(From 2004 to now also included a considerable portion of the boom years, as well as the post-2008 slump in real wages. As a result, if we decide to uprate their income according to the seasonally adjusted average weekly earnings index, we find they have had a marginal boost in real wages. Using the index which includes bonuses — because the job is in The City, after all — we find their expected wage would be £28,115.32. That's Alright.)

If I had $1,000,000

The Barenaked Ladies' song has already been subject to a rigorous financial analysis by the blog Panic Manual, which concludes that all the goods mentioned in the song — except, presumably, "your love", but they recommend a diamond ring as a valid substite — can be purchased for around $770,000.

But Panic Manual failed to take account for the fact that a million (Canadian) dollars (the band is from Toronto, after all) is worth considerably less now than it was in 1992. While the band has been singing, rather than acting — surely they actually have a million dollars? They are quite popular, after all, and their dreams have been becoming increasingly banal since they started.

The band still sings about having $1,000,000; but in 1992 money, that would be a paltry $689,736.84. Would they have achieved international success if that had been the fourth single from their first album?

Sixpence none the richer

I was wondering how to deal with this one, since Sixpence None the Richer are in fact from Texas. Do I convert sixpence into US dollars at the market rate for 1992? Should I assume sixpence refers to six cents?

Thankfully, I'm saved by the fact that the band's name is actually a reference to a 1952 book by C.S. Lewis, Mere Christianity. Sixpence in new money is 2.5p, inflation (measured using RPI this time, because CPI was only introduced in 1996) since 1952 is equal to 2562%, and so the band ought to be called Sixty-six Pence None the Richer. (Actually it's equal to 66.54 pence, but I'm rounding down for aesthetic reasons).

Money, money, money

Abba's hit single was released on 1 November 1976. The Swedish CPI stood at 69.1. Thirty years later, the index stands at 314.61, which means that, properly adjusted for inflation, the song ought to be called Money, money, money, money, money, money, money, money, money, money, money, money, money, mon.

The Rakes' frontman, Alan Donahue, sings in 2006. Photograph: Getty Images

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

Photo: Getty Images
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The Fire Brigades Union reaffiliates to Labour - what does it mean?

Any union rejoining Labour will be welcomed by most in the party - but the impact on the party's internal politics will be smaller than you think.

The Fire Brigades Union (FBU) has voted to reaffiliate to the Labour party, in what is seen as a boost to Jeremy Corbyn. What does it mean for Labour’s internal politics?

Firstly, technically, the FBU has never affliated before as they are notionally part of the civil service - however, following the firefighters' strike in 2004, they decisively broke with Labour.

The main impact will be felt on the floor of Labour party conference. Although the FBU’s membership – at around 38,000 – is too small to have a material effect on the outcome of votes themselves, it will change the tenor of the motions put before party conference.

The FBU’s leadership is not only to the left of most unions in the Trades Union Congress (TUC), it is more inclined to bring motions relating to foreign affairs than other unions with similar politics (it is more internationalist in focus than, say, the PCS, another union that may affiliate due to Corbyn’s leadership). Motions on Israel/Palestine, the nuclear deterrent, and other issues, will find more support from FBU delegates than it has from other affiliated trade unions.

In terms of the balance of power between the affiliated unions themselves, the FBU’s re-entry into Labour politics is unlikely to be much of a gamechanger. Trade union positions, elected by trade union delegates at conference, are unlikely to be moved leftwards by the reaffiliation of the FBU. Unite, the GMB, Unison and Usdaw are all large enough to all-but-guarantee themselves a seat around the NEC. Community, a small centrist union, has already lost its place on the NEC in favour of the bakers’ union, which is more aligned to Tom Watson than Jeremy Corbyn.

Matt Wrack, the FBU’s General Secretary, will be a genuine ally to Corbyn and John McDonnell. Len McCluskey and Dave Prentis were both bounced into endorsing Corbyn by their executives and did so less than wholeheartedly. Tim Roache, the newly-elected General Secretary of the GMB, has publicly supported Corbyn but is seen as a more moderate voice at the TUC. Only Dave Ward of the Communication Workers’ Union, who lent staff and resources to both Corbyn’s campaign team and to the parliamentary staff of Corbyn and McDonnell, is truly on side.

The impact of reaffiliation may be felt more keenly in local parties. The FBU’s membership looks small in real terms compared Unite and Unison have memberships of over a million, while the GMB and Usdaw are around the half-a-million mark, but is much more impressive when you consider that there are just 48,000 firefighters in Britain. This may make them more likely to participate in internal elections than other affiliated trade unionists, just 60,000 of whom voted in the Labour leadership election in 2015. However, it is worth noting that it is statistically unlikely most firefighters are Corbynites - those that are will mostly have already joined themselves. The affiliation, while a morale boost for many in the Labour party, is unlikely to prove as significant to the direction of the party as the outcome of Unison’s general secretary election or the struggle for power at the top of Unite in 2018. 

Stephen Bush is editor of the Staggers, the New Statesman’s political blog.