Chancellor of the Exchequer Jeremy Hunt said: “With inflation more than halved we are starting to remove inflationary pressures from the economy.
“Alongside the business tax cuts announced in the Autumn Statement this means we are back on the path to healthy, sustainable growth. But many families are still struggling with high prices so we will continue to prioritise measures that help with cost-of-living pressures.”
In response, Policy Director at My Pension Expert, Lily Megson (pic), said: “Inflation continues to head in the right direction as year-end approaches.
“However, the cost-of-living crisis has plagued budgets throughout 2023 – household finances are unlikely to bounce back immediately. The same will be the case for pension planners. Particularly in the run up to the new year, many Britons will be reconsidering their retirement finances and trying to plan for the future.
“A challenge to say the least, given the unpredictability of the UK’s economic performance. It is therefore vital that the government step up and take the strongest measures to support individuals on their financial journey, particularly by addressing broader cost-of-living challenges.
“In 2024, the emphasis should be on boosting pension engagement, increasing access to financial advice, and promoting effective financial planning, ensuring all savers can navigate complexities with confidence.”
