The triple lock increases the state pension each year either by inflation, earnings or 2.5 per cent, whichever is highest. The decision to scrap the earnings element, with the Department for Work and Pensions saying wages had been “skewed and distorted” by the pandemic, gave around 12 million state pensioners a pay rise of just 3.1 per cent in April, instead of more than 8 per cent.
Fury at the move intensified as inflation rocketed to 11.1 per cent in October, leaving millions of elderly people battling to fund the basics of life. Inflation now appears to have peaked, falling to 10.7 per cent in November and 10.5 per cent in December. So will the next 12 months be any better for pensioners? They just might.
TRIPLE LOCK BOOST
While inflation has only fallen slightly so far, analysts reckon by the end of the year it could be in full retreat.
Accountancy group PwC predicted inflation will end the year at 3 per cent to 3.5 per cent, which could give state pensioners a welcome boost.
They will get a pay rise of 10.1 per cent from April, thanks to the triple lock restoration, which if PwC is correct, will be more than three times inflation by year end.
It is too early to bring out the bunting yet. Inflation may prove more stubborn than we think, and the two things pensioners spend most of their money on could prove stickiest of all.
This story is from the January 22, 2023 edition of Sunday Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 22, 2023 edition of Sunday Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Fury as jailed killer 'stars in rap video'
DRILL rap gangs are using artificial intelligence to create music videos glamorising murderers online.
Cleese: I've never met a German offended by goose-stepping Fawlty
JOHN Cleese says he has never met a German who was offended by Basil Fawlty repeatedly mentioning the Second World War and goosestepping around a room.
Ka-Pow! White House gong for reliable Robin
IT WAS the TV series that gripped a generation of children as crime-fighting duo Batman and Robin defended Gotham City from villains like The Joker.
Star Adjoa: Bridgerton fans burst into tears when they see me!
BRIDGERTON star Adjoa Andoh says fans of the period drama really think she is Lady Danbury – and often “burst into tears” when they see her.
Star Trek's 3ft TV space ship returns home
THE first model of the USS Enterprise used in the opening credits of the original Star Trek TV show has boldly arrived back home – after being lost for almost half a century.
Just £6,000 for a posh bag of chips
CHEAP as chips is not a description everyone would apply to this fast food-themed handbag – as the accessory costs almost £6,000.
Trump 'won't join breakaway tour'
JUDD TRUMP has revealed he has turned down an approach from a rival tour.
QUINS SURVIVE A CARE SCARE
BOSS Danny Wilson admitted Danny Care dodged a red card as Harlequins kept their play-off hopes alive.
JARR-ING END FOR KLOPP
Anfield boss waves farewell to hopes of second title
In the jungle...the mighty jungle...the lion sleeps tonight
JUST when you think it’s safe to get forty winks, along comes a camera crew.