State Pension increase next April could see 500,000 more people in retirement paying tax
dailyrecord.co.ukThe latest figures from the Office for National Statistics (ONS) show that Consumer Prices Index (CPI) inflation reached 10.1% in September.
This matches the 40-year high inflation hit in July and remains well above the UK Government’s target of 2%. The September reading is important for the Treasury as the figure is commonly used as the benchmark to raise benefits and State Pension for the following April.
However, Chancellor Jeremy Hunt, Prime Minister Rishi Sunak and new Secretary of State for Work and Pensions, Mel Stride, have all declined to commit to the uprating when asked over recent days - despite a promise from then-PM Liz Truss to “protect” the Triple Lock rule when pressed by MPs in the House of Commons prior to her Downing Street departure.
If the UK Government uprates State Pensions by 10.1% next April, this would see New State Pension payments go up from £185.15 per week to £203.85 and Basic State Pension weekly payments rise from £141.85 per week to £156.20.
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