But pensioners face a harsh winter before they receive an increase in their state pension, with rising energy prices and costs for other essentials such as food.
Helen Morrissey, Senior Pensions and Pensions Analyst Hargreaves Lansdownesaid: “Rising inflation has wreaked havoc on people’s finances this year and coupled with a 10.1 per cent increase and £300 extra in living costs, pensioners are struggling to keep up with their bills.
“However, it’s worth saying that this increase will come into effect from April, so it’s going to be a tough winter and it’s going to be difficult for everyone,” the Chancellor said frankly.
“Reinstating the triple lock after it was suspended last year will temporarily cool some debate about its long-term viability, but with the State Pension Age Review due to be published soon, now is the time to act. A comprehensive review of the State Pension will ensure it is best supporting those who need it most now and in the future. .
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