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Financial Statement And Budget Report

Volume 405: debated on Monday 19 May 2003

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To ask the Chancellor of the Exchequer whether a change to the main inflation index along the lines proposed in the Budget Statement will affect the annual uprating of pensions and other benefits. [114362]

As the Chancellor made clear in his Budget speech the Treasury review of the inflation target is being examined from a monetary policy perspective. As has already been announced the Basic State Pension will rise each year by 2.5 per cent., or by the September RPI, whichever is higher. Social security benefits will rise in the normal way.