Overview
- The Office for National Statistics reported average annual earnings up 4.7% year on year, slightly above forecasts.
- With wages currently outpacing inflation, the triple lock would base next year’s state pension rise on the earnings figure.
- Broadcasters estimated an increase of over £500 for the full new state pension, lifting it to roughly £12,000 a year from the spring.
- BBC Breakfast interrupted its live programme as Sally Nugent announced the data and Emma Vardy explained the implications for pensioners.
- Any uplift remains indicative until the Chancellor sets the official rate at the November Budget.