The UK chain Poundland is to rebrand due to inflation.

The chain will now be known as Twopoundland.

A spokesperson explained:

When we originally brannded our stores, we knew that if market conditions change we would easily be able to rebrand our stores by simply adding a number in front of the word 'pound' to reflect the fact that prices are going up.

Once we reach Twentyonepoundland, we will rebrand as Guinealand, which might catch a few people off guard as many people have forgotten what a guinea represented.

But you won't have to pay with a gold coin.

Poundland shares went up on the news and marketing experts hailed the rebranding as 'genius'.