Jimmy Rice, Moneyblog Editor
Apart from Oasis ticket prices, pensions were the big news topic in Money magazine this week.
It was revealed on Wednesday that the state pension is set to rise by just under 4% next April – equating to an extra £400 a year for full state pension recipients.
Those who retired before 2016 and may be eligible for the secondary state pension are set to see an increase of £300 a year.
This triple lock ensures that each year your state pension increases by the highest rate of inflation, average wage growth or 2.5%.
Officials showed no sign of downplaying a BBC report, apparently based on internal Treasury figures, which said average wage growth would be the highest this year.
The figures used to determine next April’s increase will be published next week, but the OBR’s forecast is 3.7 per cent, which would bring the full state pension up to around £12,000.
Whether pensioners will see this as good news is up for debate (see previous post), but there was some decidedly bad news for older Britons earlier this week, when Chancellor of the Exchequer Rachel Reeves did not rule out the possibility of higher taxation on pensions in October’s Budget.
How can pensions be taxed more? We look into it here…
Reeves also confirmed Tuesday that he would put a cap on corporate taxes.
She said the tax would be capped at the current 25% to “give businesses confidence to grow.”
The final bit of news from Money this week that may have an impact on your bank account balance is confirmation that the Household Support Fund will be extended until April.
Local governments decide how to allocate the funds, often through cash grants or vouchers. Many local governments use the cash to partner with local charities and community groups to provide residents with major appliances, school uniforms, cooking classes, and items to improve the energy efficiency of their homes.
For more information on how to apply for the Household Assistance Fund, contact your local council, which can be found here.
With regards to the issue of Oasis ticket prices, which has been a hot topic throughout this week, including today, it appears that Money’s article may have helped prompt a change of policy from official resellers Twickets.
The company announced it would lower its rates after receiving criticism online…
Unofficial resellers have also been in the spotlight, and in an episode of The Daily Podcast, Neil Patterson spoke to Viagogo, getting them to admit that things need to change…
Money has published some commentary articles that are definitely worth checking out…
We’ll bring you a live update on Monday, and be sure to check back tomorrow for our Money blog spin-off dedicated to student finance.
Have a nice weekend.