UK wage growth has slowed – but pensioners on the new state pension should still be guaranteed an increase of about £460 next year.
The latest UK labour market statistics, just released, show that total pay (including bonuses) rose by 4% in the May-July quarter.
And under the UK’s triple-lock pension pledge, that indicates that the new state pension should also rise by 4% next year.
That would lift the new state pension – currently £221.20 per week – up to about £230 a week, an increase of almost £9 a week.
On an annual basis, it would increase the new state pension from £11,502.40 a year to £11,962 a year, an increase of £460 a year.
The final decision on the state pension will be taken by the secretary of state for work and pensions, Liz Kendall, before October’s budget. But chancellor Rachel Reeves has already pledged the government’s backing of the triple lock until the end of this parliament.
The agenda • 7am BST: UK labour market statistics • 8am BST: Kantar grocery sales figures 8am • 9.30am BST: Mortgage lending statistics from the FCA • 1.55pm BST: US Redbook index of retail sales
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