State pensioners furious as 8% increase may be a year away – inflation reaction | Personal Finance | Finance

State pension payments are relied upon by millions and will increase by 3.1 percent from next month. However, this is not the increase many Britons were hopeful for, particularly as an eight percent increase was originally predicted.

The Government temporarily scrapped the triple lock this year due to fears it would be unaffordable because of warped earnings data.

But pensioners were given fresh hope on the state pension as new inflation predictions were announced by the Bank of England.

It is thought inflation will reach eight percent by the spring, and higher later in the year – a marked difference from the peak expected initially in April.

However, if inflation is high in September 2022 it could mean a bumper increase for pensioners next year.

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The Government has vowed to reintroduce the triple lock mechanism from next year onwards.

A DWP spokesperson recently told Express.co.uk: “The one-year move to temporarily suspend the Triple Lock ensures fairness for both pensioners and taxpayers, and follows action we took last year to protect pensioner incomes.

“We know this has been a challenging time for many people, which is why we’re providing support worth around £12billion this financial year and next to help households across the country with the cost of living. 

“A further £9billion was recently announced by the Chancellor to protect against the impact of rising global energy prices.”

Last year, the Government passed legislation to increase the state pension, action it was explained was taken despite earnings growth falling and a half a percentage point increase in inflation.

The Government asserts if this action was not taken, then the state pension would have been frozen.