TallyMoney CEO Cameron Parry. (Image credit: LinkedIn)

According to a report in the local business newspaper City A.M., a London-based CEO will pay his employees in gold to stay ahead of inflation.

The leader of a financial services company told the newspaper that gold is a time-tested inflation hedge.

At times like these, when conventional money is losing its buying power, gold is the best way to keep up with inflation.

The pound's spending power was declining at an alarming pace, while the value of gold was increasing.

With the cost of living going from bad to worse, it didn't make sense to continue offering pay hikes in pounds.

Senior staff members of the company are only paid in gold. The new pay scheme will be extended across the board. The newspaper reported that Parry was taking his salary in gold.

When gold is exchanged for goods and services that are priced in pounds and pence, it goes much further.

Employees at his firm can keep their salaries in pounds.

Living costs in the United Kingdom are mounting and the value of the pound has fallen to a two-year low. The Bank of England has warned that 2022 will be a year of recession for the economy.

You can download your money calendar here and keep your dates with your moneybox.