People on the old basic State Pension rate would get a £400 boost
Millions of older people could be £500 better off after an expected hike in their State Pension next spring. If earnings growth stays at 4.5% for another month, the full State Pension rate will hit £231 a week in April. Under the triple lock pledge, the State Pension rises each year by whichever is the highest of inflation, average wage growth, or 2.5%. The new Labour Government has promised to maintain the triple lock for the whole of the current parliament.
Chancellor Rachel Reeves told Parliament said she had to make 'urgent decisions' because of the previous government's 'undisclosed' overspending and set out 'immediate action' to address the shortfall by £5.5 billion . The rest of the gap is to be addressed in a budget on October 30.
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