Supermini to cost 110k

Recession, redundancy, financial collapse... if you think times are tough now, insurance giant Norwich Union has another dose of bad news for us when we reach retirement the equivalent of a Ford Fiesta will cost 110,000.

The company has looked at prices of goods in the 1950s, compared them with current prices and estimated what they could cost in 40 years time.

In 1958 an Austin A55 cost 685, a Ford Fiesta costs from 8695 today, so if the same percentage increase was applied now, in 40 years time an equivalent car would cost 110,369.

The average house would cost a cool 12.2 million, while essentials such as a loaf of bread would cost 27 and a pint of milk would set you back just over a fiver.