Normally, benefits rise in line with inflation
DWP benefits claimants have been issued a warning after a minister suggested benefit payments may not rise in line with inflation.Normally, benefits and pensions are automatically uprated each April in line with inflation, however, chief secretary to the Treasury, Chris Philp has admitted that this is now under consideration. The Consumer Prices Index rose by 9.9 per cent in the 12 months to August 2022, down from 10.1 per cent in the month earlier.
He added the objective of the exercise would be to make sure the Government stays within its existing three-year spending limits. Pressed about the decision, Mr Philp went on: “I am not going to make policy commitments on live TV, it is going to be considered in the normal way, we will make a decision and it will be announced I am sure in the first instance to the House of Commons.”
The Bank of England also announced it was stepping in to buy up to £65 billion worth of Government bonds – known as gilts – at an “urgent pace” after fears over the Government’s economic policies sent the pound tumbling and sparked a sell-off in the gilts market.
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