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Pensions Will Increase In Line With Inflation
Pensions Will Increase In Line With Inflation
19/10/2022
The Prime Minister Liz Tuss told MPs that the government will raise pensions in line with inflation.
If you retired part way through 2021/2 you won’t get the full increase straightaway. You’ll start to get the full increase from 2023.
Under the triple lock, pensions are uprated by one of three measures: the annual inflation rate, average earnings growth or 2.5%. This year, inflation is markedly the highest at 10.1%, with average earnings lagging at 5.5%.
Pensioners voted overwhelmingly for the Tories at the 2019 general election and are the Conservative party’s core constituency.
The soaring cost of food and energy is affecting people across the globe.
“Unprecedented price surges mean that for many people across the world, the food that they could afford yesterday is no longer attainable today,” says UNDP Administrator, Achim Steiner.
The poorest families are the most affected by price rises because food and energy bills make up a bigger proportion of their monthly outgoings - in some cases, twice as much.
Liz Truss is facing brewing discontent in her party.
The Prime Minister intends to lead the Conservatives into the next general election.
After little more than a month in office, a consensus is building that Liz Truss could be finished as prime minister.
Removing a sitting prime minister who doesn't want to leave office isn't always easy.
Former Chancellor Rishi Sunak remains the favourite to succeed Liz Truss as prime minister if she loses her grip on power. Penny Mordaunt's chances rose after her appearance in the Commons yesterday.
Felix Yim
Tech Expert
Felix is the founder of Society of Speed, an automotive journal covering the unique lifestyle of supercar owners. Alongside automotive journalism, Felix recently graduated from university with a finance degree and enjoys helping students and other young founders grow their projects.
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