UK Pensioners to Receive £18 Weekly Boost as State Pension Sees 8.5% Increase

Chancellor Jeremy Hunt has announced an 8.5% increase in the state pension, amounting to an extra £17.33 per week for pensioners. This increase will be in line with the 'triple lock' policy, which guarantees that pensions rise each April by the highest of average earnings, inflation, or 2.5%. The decision to retain the triple lock has faced criticism, with some arguing that pensioners are already better off than working-age people. The increase is expected to cost the Treasury £2 billion per year. Additionally, Hunt plans to cut National Insurance, make a tax break for firms permanent, and increase benefits by 6.7%.