State pension and Isa allowances to rise

Pension pig

The basic state pension is to increase by £3 to £113.10 a week from 2014, while the government has confirmed that Isa limits will also rise.

The UK's key benefits and allowances are linked to the September inflation rate, as measured by the Consumer Prices Index, which was revealed to be 2.7%, according to the Office for National Statistics.

This means the state pension will next year be worth £113.10 a week compared to the current £110.15.

ISA contributions will increase to £11,760, from a current £11,520, while Junior Isa contributions will increase to £3,840 from £3,720.

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Housing benefit will rise by 2.7%, as per September's inflation rate.

Critics claim that the risers will no little to alleviate the current "cost of living crisis", where soaring food and energy prices along with stagnant wage inflation has put increasing pressure on household finances.

Tom McPhail, head of pensions research at Hargreaves Lansdown, said: "The Universal Pension Allowance is still £3,600 and falling woefully behind against rising prices.

"This is an important allowance widely used by non-earning spouses, those taking career breaks and children. Had this increased by RPI (retail prices index) inflation it would now be over £5,289."

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Just about right OAPs get a pittance and the Queen gets 22%

Queenie could so easily increase her income without further scrounging from bereft tax payers by stopping allowances being paid from her tax payers' allocation to that layabout randy Andy and other members of the immediate family. Just a thought to reduce the burden imposed on her suffering people! She could also sell some of her racehorses.

it is upto everyone to work hard through their working lives and make provision for their old age, those who took the easy route through life and spent every thing they earned along the way are now hard up-- your own doing, blame no one but yourselves.

I did just that, saved for my retirement, paid into a pension and now I am increasingly hard up. Why? Well, low interest rates, prices rising far faster than inflation, increased taxation direct and indirert, a sinking pound etc.