The triple lock means pensions rise by whatever is higher in September out of: earnings, inflation, or 2.5%. Wage data released today means earnings is likely to be highest - meaning pensions could rise 8.5% next April. Listen to the latest episode of the Ian King podcast as you scroll.
It means, on paper at least, that salaries are now outpacing the rate of price growth in the economy but it will not feel that way for millions of families whose budgets have hit breaking point during the energy-driven Darren Morgan, ONS director of economic statistics, said:"Earnings in cash terms continue to increase, at a record rate outside the pandemic-affected period.
"The proportion of people neither working or looking for a job is slightly up, with more students, as well as the long-term sick reaching yet another record."UK high streets are at risk of becoming"looting grounds" lined with"endless rows of vaping and charity shops", says the boss of John Lewis. "High streets have long represented the spirit – the centre – of local communities. Yet they risk becoming a looting ground for emboldened shoplifters and organised gangs."The share of the UK's wealth held by people aged under 40 has"plummeted" in the last decade, research shows.
"Pensioner poverty is already a significant issue, and it will grow if we don't act now," said chief executive David Sinclair.
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