Cost of living crisis: UK benefits plunge to lowest value in 50 years

Scheduled 3.1% rise in state pension and benefits fails to keep up with 8% hike in prices of essentials and energy

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Pensioners and benefits claimants will see the value of their payments fall to the lowest point in 50 years on Monday, anti-poverty campaigners have said, as Britons grapple with the worst cost of living crisis since 1972.

Despite everyday prices rising as much as 8%, and gas and electricity bills almost doubling to 2,000 a year, the state pension and most other state benefits will rise by 3.1% on Monday.