Increase will put further pressure on Rachel Reeves as ONS figures show pay growth slowing and job losses rising
Millions of people are poised for an above-inflation 4.7% increase in their state pension payments, adding to pressure on the government finances as Rachel Reeves explores raising taxes at the autumn budget.
Labour has committed to retaining the triple lock on the state pension, which guarantees annual increases in line with whichever is the higher of 2.5%, inflation in September or annual earnings growth in the three months to July.
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