Autumn Statement 2023: Key takeaways
Key Points of Autumn Statement
Pension Triple Lock
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Autumn Statement 2023: Chancellor commits to Triple Lock with 8.5% state pension increase
Increasing the ‘new’ state pension to £221.20 per week
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State Pensions on track for second-largest ever Triple Lock increase
As inflation holds at 6.7%
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State pension set to rise by 8.5% in April
‘Government has a difficult balancing act ahead’ with the triple lock
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Rishi Sunak commits to retention of state pension triple-lock
As earnings growth exceeded 8% in June
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State pension triple lock could cost £9bn next year
As well as the state pension bill being £2bn higher than the current DWP forecast next year
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UK government commits to ‘unsustainable’ pension triple lock
Calls for system to be assessed to find a ‘fairer way’ to raise the state pension
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68% of Brits back pension triple lock
‘Attacking’ it would be a ‘seriously high-risk and deeply unpopular move’
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What to expect from the UK Autumn Statement 2022
IA examines the potential tax and pension changes that could be announced by chancellor Jeremy Hunt
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UK prime minister ‘completely committed’ to pensions triple lock
Liz Truss ‘acutely aware of the political consequences’ of alienating the older voter
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Triple lock in doubt with inflation component set at 10.1%
Uprating state pension by earnings growth could save UK government between £4bn-£5bn
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Triple lock earnings component set at 5.5%
As industry awaits the September CPI figures to confirm next year’s state pension increase