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

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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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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.
Ditto and I'm thinking all those who went for the 3 year renewal may be regretting that if, as seems possible, NSI decide not to renew if inflation keeps up like this.
If you get the chance to renew, do so for the 5 years !
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 breaks, well it wasn't working right anyway.
Because that worked a treat in 2017...
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
Indeed.
https://www.lovemoney.com/news/61140/how-much-state-pension-pay-2018-2019
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.