However he reckons the subtle shift of inflation calculators might result in the Chancellor collecting an extra £2bn from the rest of us.

The real wage (in bold) was calculated using the inflation calculator at the Bureau of Labor Statistics website.

According to the inflation calculator at the Bureau of Labor Statistics' website, that same penalty of $1,000 would be the equivalent of $3,505.86 by 2008 standards.

It has changed the inflation calculator from RPI to CPI which will each year further reduce the value of the pension earned by retired members.

That, according to the inflation calculator at www.westegg.com, would be $26.36 to $33.69 today.

Theres' a 'Personal inflation calculator' on the BBC website in the Business section.

On www.statistics.gov.uk, there's a personal inflation calculator.

Just for fun, I decided to put that through an inflation calculator and discovered that today the amount would be closer to $642 million.

While we're on the subject, it's worth checking out the ONS' personal inflation calculator - this works out your personal inflation levels, rather than the national averages.

Inflation Easily find out how the buying power of the dollar has changed over the years using the inflation calculator.