Martin Lewis says pensioners will be up to £1,000 better off each year

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Martin Lewis says pensioners will be up to £1,000 better off each year
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Jeremy Hunt announced in his Autumn Statement today that the state pension triple lock will be kept in place. Prime Minister Rishi Sunak's Chancellor addressed several tax hikes and spending cuts he will be implementing in the House of Commons on Thursday to help bring down inflation and reduce the cost of living.

First introduced in the UK in 2010, the triple lock was suspended for 2022–23 after the COVID-19 pandemic led to a 8% rise in earnings, but the government has now committed to apply it from April 2023. "So to support the poor pensioners, I've decided to increase the pension credit by 10.1%. The cost of living crisis is harming not just our poorest pensioners but all pensioners. So because we've taken difficult decisions elsewhere today, I can also announce that we will fulfill our pledge to the country to protect the pensions triple lock.

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