| |
Share, Like & Tweet!
|
|
|
< back to news stories
A Different Measure of Inflation Affects Income
11/05/2011
In 1996 it was announced that the Consumer Prices Index would be introduced to provide a more accurate measure of the rate of Inflation. This includes all the variables currently used to put together the Retail Prices Index minus housing costs.
The Government plans to save money through linking a range of State payments to the Consumer Prices Index from April. This will include public sector pensions, housing allowances and child tax credits. Any rises in the level of these benefits are now likely to be 0.7% lower than before (as the Consumer Pricesa Index has on average been 0.7% lower than the Retail Prices Index since it was first introduced).
The Treasury hopes to save more than £30 billion over the next five years. However, the Chancellor has kept Retail Prices Index increases on much of what the public has to pay to the State, such as fuel duty.
Homeowners aged over 55 years who are worried about pension increases and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
|
| |
|