Pressure is growing on Reeves over thresholds

CHANCELLOR Rachel Reeves is under growing pressure to increase tax thresholds as pensioners relying on the state pension could soon be forced to pay income tax again.

- Michael Knowles

Wage growth slowed to its lowest for more than two years as the rate of unemployment also surprisingly dropped, according to the Office for National Statistics yesterday.

The statisticians revealed that regular wage growth was 5.4% year-on-year over the three months to June.

This slipped from 5.7% in the previous three months and represented the smallest increase since the period to July 2022.

Reeling

Analysts suggested that, with wage growth still higher than 2.5% and inflation, currently 2% but predicted to rise to 2.3%, this figure will likely be what is used to "uprate" the state pension under the triple lock.