Millions of retired Brits across the country will see a much-needed increase in their state pension from today.
Previously, the Chancellor confirmed that the triple lock will return after it was downgraded to a double lock last year following economic challenges from the Covid pandemic. The triple lock ensures that state pensions rise by either the highest of average earnings, Consumer Price Index (CPI), or by 2.5 per cent; whichever amount is higher.
From today, state pensions will rise by last September's inflation rate of 10.1 per cent, meaning the full new state pension will rise from £175.15 and the basic state pension will rise from £141.85.
