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UK inflation has dropped to 1.7%, affecting benefit increases for millions. Universal Credit and disability benefits will see minimal rises in April 2025, while state pensions will increase by 4.1%. Analysts predict inflation may rise again due to energy costs, complicating financial planning for families.
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UK inflation fell to 1.7% in September, the lowest since April 2021, driven by lower petrol prices and airfares. This unexpected decline raises expectations for a potential interest rate cut by the Bank of England next month, impacting state benefits and pensions for the coming year.
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As the UK grapples with a cost of living crisis, rising energy prices are set to impact millions. The government has restricted winter fuel payments, affecting around 10 million people. Experts recommend expanding cold weather payments to alleviate the burden on struggling households, particularly families with children.
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UK regular earnings growth fell to 4.9% in the three months to August, down from 5.1%. This slowdown raises expectations for a Bank of England interest rate cut to 4.75% in November. While wage growth remains above inflation, the cooling jobs market suggests a shift in economic conditions.