Tag: inflation:
: Consumers increasingly rely on credit cards and personal loans to get by during inflation, data shows
Dow Jones Newswires: China’s consumer inflation eases in October
Welfare and pensions ‘set to rise with inflation in fair and compassionate’ budget
Pensions and benefits set to increase in line with inflation costing the nation 11bn next year
PENSIONS and benefits are expected to increase in line with inflation in a move that will cost £11billion in 2023-2024.
While the plan has yet to be confirmed, the Government hopes it will be seen as “fair and compassionate”.
Jeremy Hunt has said his Budget won’t ‘completely protect people’ from inflation hell[/caption]
But the increases would mean deep cuts in public spending — and tax rises.
Tory MPs have raised concerns that increasing benefits in line with wages, rather than inflation, would see real-terms cuts for millions and warned against balancing the books “on the backs of the poorest”.
Chancellor Jeremy Hunt has said his Budget won’t “completely protect people” from inflation hell.
He said his priority will be shielding the poorest from crippling prices.
READ MORE ON JEREMY HUNT
Real-terms cuts to pensions and benefits are both on the cards as well as deep public sector cuts.
Ahead of the November 17 Autumn Statement Mr Hunt said: “While we can’t completely protect people from rising prices, my priority at the upcoming Autumn Statement will be to protect the poorest in society as we take the tough decisions necessary to fix our public finances.”
Most read in The Sun
Jeremy Hunt’s Budget won’t ‘completely protect’ every Brit from spiralling inflation
JEREMY Hunt warned his Budget will not “completely protect people” from inflation hell.
The Chancellor said his “priority” will be shielding the poorest families from crippling prices.
He braced Brits as the second half of the £650 cost of living payments are paid out to more than eight million today.
And he said his aim for the November 17 Budget “will be to protect the poorest in society as we take the tough decisions necessary to fix our public finances”.
Meanwhile, Mr Hunt is looking at freezing the threshold for paying a levy on inherited estates at £325,000 rather than raise it with inflation.
It means more will pay the 40 per cent tax, bringing in more cash.
READ MORE ON INFLATION
More Brits are set to be fleeced for inheritance tax under plans being considered by Mr Hunt.
The Chancellor is looking at freezing the threshold people pay a levy on inherited estates at £325,000 rather than raise it with inflation.
Most read in The Sun
: How does inflation impact my savings? What is my long-term financial plan? Ask your financial adviser these 5 questions right now.
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Dow Jones Newswires: Australia’s consumer confidence drops as inflation expectations jump
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