Financial expert explains what increase could boost pensioners in 2025 based on current trends
The Office for National Statistics has revealed that UK inflation dropped to its lowest level in almost three years this April. The Consumer Price Index inflation rate decreased to 2.3 per cent, a significant drop from March's 3.2 per cent.
In April, the New and Basic State Pensions saw an increase of 8.5 per cent. This means someone on the full New State Pension will receive £221.20, or £884.80 every four-week pay period during the 2024/25 financial year, reports the Daily Record. Those on the full Basic State Pension will receive £169.50 each week, or £678 every four-week pay period.
"With inflation now below the 2.5 per cent underpin, it's likely to be earnings growth that determines next year's Triple Lock increase, as the latest figures have this sitting at 5.7 per cent ."
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