1 day Ago By Jennie Buzaglo
GB News came to a halt as Eamonn Holmes and Isabel Webster delivered some breaking news. During the duo's Breakfast Show on Wednesday (November 20), they shared the top headlines with viewers, including the BBC farming row, the pensioners poverty rise and the heavy snowfall seen across the country. An hour into the show, Isabel announced some breaking news about inflation rates.
Figures released by the Office for National Statistics show a sharp rise to 2.3% in October this year, up from 1.7% in September.
This marks the sharpest month-on-month rise in the inflation rate in two years. It also exceeded expectations, as economists had forecast a reading of 2.2% for the month.
The Bank of England seeks to control inflation – the speed at which the cost of goods and services are rising – by raising and lowering the cost of borrowing via its base interest rate , impacting mortgage -holders and other borrowers. Grant Fitzner, chief economist at the Office of National Statistics (ONS) said: "Inflation rose this month as the increase in the energy price cap meant higher costs for gas and electricity, compared with a fall this time last year. "These were partially offset by falls in recreation and culture, including live music and theatre ticket prices.
" However, he noted: "The cost of raw materials for businesses continued to fall, once again driven by lower crude oil prices." The data represents the first set of inflation statistics since Reeves's Autumn Budget, which introduced plans for a series of tax increases. And in yet another devastating blow to pensioners, it has been revealed that the winter fuel payment cuts will affect an additional 100,000 pensioners, pushing them into poverty.
Earlier this year, Chancellor Rachel Reeves announced the £300 payment would be restricted to all but the poorest pensioners - those eligible for pension credit. According to the estimates provided by the government, in the years ending March 2025, March 2026 and March 2028, an additional 50,000 pensioners will be driven to absolute poverty. The shocking statistic means these pensioners will struggle to cover their daily needs such as food, shelter, sanitation and healthcare.
Currently the government estimates 1.9 million pensioners - around 15% - are in relative poverty..
