The latest Bank of England September CPI inflation rate forecast is seven per cent
Following a bumper annual uprating of 10.1 per cent in April, the full New State Pension is worth £203.85 each week, or £815.40 every four-week pay period, and £10,600 over the 2023/24 financial year. The Basic State Pension is worth £156.20 each week, some £624.80 every four-week period and over £8,122 over the coming year.
Estimated State Pension payments from April 2024 The estimated calculations below show the current annual rates for the full New and Basic State Pensions at the Bank of England forecasted increase of 7 per cent. Top Money Stories Today State Pension and income tax Finance experts at wealth management firm Evelyn Partners said that the latest annual income tax statistics from HM Revenue and Customs estimates that there are 8.1million people over State Pension age paying income tax in the 2023/24 financial year. This is a 25 per cent increase on the 6.47million pensioners who paid income tax in 2020/21.
“If the Bank of England’s latest forecast for September inflation of 7 per cent is correct, then the Triple Lock - assuming wage growth does not exceed 7 per cent - will boost the full New State Pension to £11,342 in the 2024/25 tax year.”
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