Jeremy Hunt has confirmed that the State Pension and benefits will rise by 10.1% for millions of people across the country.
The Chancellor made the announcement while delivering his autumn Statement on Thursday and confirmed that both payments will go up by September’s figure of inflation. A 10.1% rise, costing £11bn, will likely bring the New State Pension up by £18.70 a week, from £185.15 to £203.85. The rise will be worth £870 over the year.
Additionally, it will take the standard allowance in Universal Credit for a single person over 25 from £335 to £369 a month. The average family on the benefit will be better off by around £600, Mr Hunt said.
