My Pension Expert: Surprise drop in UK inflation
Lily Megson, Policy Director at My Pension Expert, comments on this morning's surprise drop in inflation.
'The surprise drop in inflation will bring light relief for the many households grappling with financial uncertainty. After years of economic turbulence, any sense of stability and a lower cost of living will be welcomed.
That said, the long-term impact of high inflation is still being felt. Many savers are finding their budgets remain stretched, and concerns about whether their pension savings will be enough to support a secure retirement are far from resolved. Britons need clear reassurance about the economic future and pathways to financial advice if they are to commit to long-term financial planning with confidence.
Therefore, the Chancellor’s Spring Statement this afternoon must acknowledge the strain people continue to face. There needs to be a clear, practical plan to help people save adequately and protect their pension income in real terms. Anything less would be a failure to meet the moment — and retirement savers will pay the price.'
