UK STATE PENSION RISE & What's next according to the OBR projections?

UK STATE PENSION RISE & What's next according to the data released from the Office for Budget Responsibility (OBR)?

The Government has confirmed that for the tax year 2023-24 the 'Triple Lock' will be reinstated.

OBR Link:

https://obr.uk/

Britain’s pensioners face a financial ‘rollercoaster’ in the next few years according to calculations by LCP partner Sir Steve Webb, based on the latest forecasts from the Office for Budget Responsibility. This April state pensions will rise by just 3.1% – less than half the rate of inflation – and the Spring Statement measures offered little help for most pensioners. But by April 2023 the pension rise is forecast to be 7.5% - the biggest ever cash rise in the state pension. And by April 2024 the rate of the new state pension will go through the £200 per week barrier.

LCP link:

https://www.lcp.uk.com/

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