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Intro: UK borrowed £36.1bn last month – a September recordNational debt over £2trn — highest debt/GDP since 1960Inflation rises as Eat Out to Help Out ends
September’s 0.5% inflation reading will have wide-ranging implications – as it is used to set increases on business rates and state benefits.
The Press Association have a handy explanation:
The September figure is used to decide the annual increase in business rates. While retail, leisure and hospitality firms have been given a one-year business rates holiday, this is set to end on March 31 just before the new rate kicks in on April 1.
September’s CPI is also used in the calculation for state pensions, although the triple-lock rule means the payout will be the highest figure out of CPI, earnings growth for the year to July, or 2.5%.
Former pensions minister @stevewebb1 says despite today’s 0.5% CPI increase state pensioners are set to benefit from a 2.5% increase next April – five times the rate of inflation. It means a single pensioner currently receiving the full new state pension of £175.20 (1/2)
Would get an extra £4.40 per week, while an older single pensioner on the old basic state pension of £134.25 would get an extra £3.35 per week. (figures rounded to nearest 5p) (2/2) https://t.co/4V0w1k4T8t
Read more: theguardian.com