Jeremy Hunt confirmed that the triple lock on pensions would be honoured, with state pensions set to rise next year.
Under the triple lock – which guarantees an increase in line with average earnings, inflation or 2.5%, whichever is highest – pensions will increase by 8.5 per cent in April
Opening the autumn statement, Mr Hunt said: “After a global pandemic and energy crisis we have taken difficult decisions to put our economy back on track.
“We have supported families with rising bills, cut borrowing and halved inflation.
“Rather than a recession, the economy has grown. Rather than falling as predicted, real incomes have risen.
“Our plan for the British economy is working. But the work is not done.”
The Chancellor went on to announce plans to honour the triple-lock on pensions in line with an increase in wages.
He told MPs: “The triple lock has helped lift 250,000 older people out of poverty since its inception in 2011.
“It has been a lifeline for many during times of inflation.
“We honour our commitment to the triple lock in full. We will increase the new state pension by 8.5 per cent, worth up to £900 more a year.”
Earlier in the day, Jeremy Hunt said he hoped the autumn statement’s measures would make a “really big difference” to entrepreneurs.
— Jeremy Hunt (@Jeremy_Hunt) November 22, 2023
In a social media video, the Chancellor said the statement had “110 different measures to help grow the British economy”.
“I’m thinking of my own business, that I set up over 30 years ago,” the Chancellor said.
“I want to help thousands of other people do what I did, and I hope today will make a really big difference.”
National Living Wage Rise
The autumn statement came after Mr Hunt had announced a rise in the National Living Wage which would equate to an extra £1,800 for full-time workers.
The boost will see the National Living Wage increase by more than £1 an hour, from £10.42 to £11.44, from April.
Eligibility for the National Living Wage will also be extended by reducing the age threshold to 21-year-olds for the first time.
a wage boost to £8.60 per hour – a £1.11 hourly pay bump.
The Department for Business and Trade estimate 2.7 million workers will directly benefit from the 2024 National Living Wage increase.
Mr Hunt said: “Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800 a year. That will end low pay in this country, delivering on our manifesto promise.
“The National Living Wage has helped halve the number of people on low pay since 2010, making sure work always pays.”
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