Chancellor Jeremy Hunt says he hasn't ruled out a brief jump in inflation and this could become the key factor in pension increases
State Pension payments could be set for a substantial rise next year based on a huge growth in wages or a 'blip' pushing inflation back up.
The current economic position indicates that either inflation or earnings will be the overriding factor, with analysts recently suggesting that a huge leap in wages could dominate. Figures released by the Office for National Statistics show that in April-June 2023, annual growth in regular pay was 7.8 per cent, the highest regular annual growth rate since comparable records began in 2001.
He told BBC's Sunday With Laura Kuenssberg: "The plan is working, inflation is coming down." But put to him that inflation could have risen in August, Mr Hunt said: "I do think we may see a blip in inflation in September. But after that, the Bank of England is saying it will fall down to around 5 per cent."
"While the Consumer Price Index for July is widely expected to show a fall in the headline annual inflation rate, there are reported fears in Whitehall that subsequent months could reveal a plateau or even a tick back up in the rate. The inflation reading for September, or a possibly even-more-racy wage growth figure, will determine what could be a very substantial rise in the State Pension and reignite the debate over whether the Triple Lock is sustainable.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
DWP payments people of State Pension age will get ahead of ChristmasThere is a lot of help on offer before the end of the year
Weiterlesen »
Full list of 2023 and 2024 DWP payments yet to comeEverything you need to know
Weiterlesen »
Euro 2024: The state of play as qualifying resumesBBC Sport gives you the lowdown on how Euro 2024 qualifying is shaping up and the fixtures to look out for in the coming days.
Weiterlesen »
Understanding the Triple Lock impact on State Pension pay rates from next AprilONS figures due to be published next week could be the driving force behind the State Pension annual uprating.
Weiterlesen »
People urged to check future State Pension to ensure they are due full paymentThe full New State Pension is currently worth more than £10,600 this year.
Weiterlesen »
Full list of one-off payments for people of State Pension age due by ChristmasEnergy discounts, cost of living and seasonal payments along with key dates to add to your diary.
Weiterlesen »