Budget 2024: Rachel Reeves confirms a State Pension increase of 4.1%

Chancellor Rachel Reeves has confirmed a State Pension increase of 4.1 per cent, which will come into affect in April 2025.

Addressing MPs in the Commons, Reeves announced: "Over 12 million pensioners will gain up to £470 next year, up to £275 more than if uprated by inflation.

"The Pension Credit Standard minimum guarantee will also rise by 4.1%, from around £11,400 per year to around £11,850 a year for a single pensioner."

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