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The Secretary of State for Work and Pensions is required to review the level of benefits each year. This briefing sets out the main benefit and tax credit rates that have been announced for the 2023/24 financial year.

Inflation-linked benefits and tax credits will rise by 10.1% from April 2023, in line with the Consumer Prices Index (CPI) rate of inflation in September 2022.

For example, in 2023/24 Universal Credit standard allowances will increase:

  • From £265.31 to £292.11 for single persons aged under 25
  • From £334.91 to £368.74 for single persons aged 25 and over
  • From £416.45 to £458.51 for joint claimants both aged under 25
  • From £525.72 to £578.82 for joint claimants both aged 25 and over

Pension rates in 2023/24

The basic and new State Pensions will also be uprated in line with CPI inflation in 2023/24, following the restoration of the pensions ‘triple lock’ which had been suspended in 2022/23.

The full rates for 2023/24 will be:

  • £203.85 per week for the new State Pension (for those reaching State Pension age on or after 6 April 2016) – up from £185.15 in 2022/23.
  • £156.20 per week for the basic State Pension (the core amount in the old State Pension system) – up from £141.85 in 2022/23.

The Pension Credit standard minimum guarantee (delivered by the Guarantee Credit) will also increase by 10.1% in line with CPI inflation, to £201.05 a week for a single claimants, and £306.85 a week for couples.

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