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MSE News: UK inflation hits five-year high of 3%

Former_MSE_Callum
Former MSE Posts: 696
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The UK's key inflation rate hit 3% in September, the highest it's been since March 2012. The figure means pensioners can expect a 3% uplift in the basic state pension from next April...
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'UK inflation hits five-year high of 3%'

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'UK inflation hits five-year high of 3%'

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Comments
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An increase in Bank Rate is now well overdue.
The August 2016 cut from 0.5% to 0.25% was really an overreaction to Brexit scaremongering which would inevitably lead to inflation climbing and preventing the pound from strengthening. Euro bank rates are unchanged since March 2016 and in the USA the Fed has raised the US Base rate three times since December 2016 from 0.5% to the current 1.25%.
The Bank of England should immediately raise the base rate to 0.5%, but I doubt they are brave enough to go any higher, although 0.75% would be much better, and would leave some margin to cut rates if required when we actually leave the EU.0 -
Really beginning to love my NSI Index linked bonds a lot !0
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Glad to see that the Government is as usual very evenly sharing around the impact of the income squeeze and spending restraint.0
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HornetSaver wrote: »Glad to see that the Government is as usual very evenly sharing around the impact of the income squeeze and spending restraint.
Pensioners vote. Young people don't (or if they do, they vote Labour anyway). If you're a politician, you've got to know which people to keep happy.If it sticks, force it.
If it breaks, well it wasn't working right anyway.0 -
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You state that 'Teachers’ pensions are now set to increase by 4.6% next year, while there's set to be a 4.5% rise for NHS workers and 4.25% for the police' however this is incorrect as we have been informed by the National Association of Retired Police Officers that the rise is 3% in line with CPI.0
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This means pensioners can expect a 3% increase in the basic state pension next April, from £159.55 to just over £164.30 a week.
Edit
According to my calculations 3% of £122.30 is around a £3.67 increase to £125.97 which will probably be rounded down to £125.95Warning: In the kingdom of the blind, the one-eyed man is king.
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I thought basic SP was currently £122.30 pwk. for older pensioners.
Indeed.
https://www.lovemoney.com/news/61140/how-much-state-pension-pay-2018-20190 -
Consumerist wrote: »That's funny, I thought basic SP was currently £122.30 pwk. for older pensioners.
Edit
According to my calculations 3% of £122.30 is around a £3.67 increase to £125.97 which will probably be rounded down to £125.95
Basic SP is the old state pension, which is £122.30 (plus SERPS/S2P and/or contracted out payments)
The £159.55 refers to the new SP, which most people who became eligible for state pensions after 5/4/2016 get (minus any contracted out payments).
If this is unclear, please ask on the Pensions board.0
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