State pension set for surprise boost as Chancellor prepares for rise in inflation next month But it could restrict Jeremy Hunt’s room for tax cuts to the tune of hundreds of millions of pounds
Official figures published on Wednesday are expected to confirm that inflation fell by around a percentage point to 6.8 per cent in July.
This could add hundreds of millions of pounds to next year’s state pension pot, which is increased in line with the highest of three measures – a flat 2.5 per cent rise, average earnings growth measured from May to July each year, and inflation measured in the year from September – according to the Government’s triple-lock policy.
While inflation is still on course to halve by the end of the year, meaning Rishi Sunak’s key economic pledge is on track, Treasury sources urged Tory MPs anxious for tax cuts to offer voters to hold their nerve. IFS director Paul Johnson said cutting taxes in the next year or so would be a “political and not an economic decision” that could risk an adverse response from the Bank of England, which is responsible for cutting inflation via interest rates.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Jeremy Hunt: Chancellor's younger brother Charlie Hunt dies from cancerCharlie Hunt had been living with a rare and aggressive cancer prior to his death earlier this month.
Lire la suite »
State pension set for surprise boost as Chancellor prepares for rise in inflation next monthBut it could cost Jeremy Hunt hundreds of millions of pounds, reducing his room for manoeuvre on tax cuts.
Lire la suite »
Man denies assaulting hunt saboteur in horse 'collision'Sam Jones was arrested after the woman, in her 60s, was struck by the horse in February.
Lire la suite »
Fresh hope of pre-election tax cuts after unexpected economic growth figuresChancellor Jeremy Hunt said growth of 0.5% for June and 0.2% between April and June showed the UK economy was resilient and would soon be bearing “fruit” singharj, ChaplainChloe, and eleanormia report
Lire la suite »