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Isa allowance could increase to £11,532

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The maximum amount savers can put in an Isa is expected to rise to about £11,532 from next April, following rises in the cost of living, according to reports.

September’s Consumer Prices Index (CPI) figure, announced yesterday, was 2.2%, down from 2.5% in the previous month.

This means Isa allowances could rise from £11,280 to £11,532 next April, according to the Daily Mail.

The annual Isa allowance is increased on an annual basis by reference to the CPI.

Inflation is also a factor in deciding state pension payouts. The basic state pension increases in line with rises in average UK earnings, the CPI or 2.5%, depending on which is highest.

Because inflation was lower than the 2.5% guarantee, pensioners should expect at least a 2.5% rise in the state pension from next April. An announcement confirming this is expected in December.

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