Chancellor open to RPI reform but up to 'ONS to initiate'

RPI underpins many things such as gilts

clock • 2 min read

Chancellor Philip Hammond has said he would be happy to hear about reforming the Retail Prices Index (RPI) as long as the Office of National Statistics (ONS) initiates discussions.

Speaking to a House of Lords committee on 11 September, Hammond (pictured) said he would consider allowing an amendment to the oft-derided inflation measure, which the government dropped for payouts in 2011. However, any such discussions would need to be started by the statistical authority before he could give the go-ahead, but so far "they have not initiated any such discussions with me", he said. "I have had no such approach but I am sure that the ONS, should it wish to do so, would find its way to my office relatively easily and I'd be very happy to hear from them if they wished t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Reeves looking to cap salary sacrifice contributions to £2,000 - reports

Reeves looking to cap salary sacrifice contributions to £2,000 - reports

Chancellor has 'decided against' cutting pension lump-sum withdrawals

Jonathan Stapleton
clock 10 November 2025 • 4 min read
MPs warned against changes to salary sacrifice pensions

MPs warned against changes to salary sacrifice pensions

SPP says scrapping salary sacrifice would lead to reduction in employees’ take home pay

Martin Richmond
clock 07 November 2025 • 4 min read
'It's a real fee-souper': Why clearing the fog on SIPP charges is now a strategic necessity

'It's a real fee-souper': Why clearing the fog on SIPP charges is now a strategic necessity

'Selecting a SIPP provider should require a strategic inquiry into their fee structures'

James Floyd
clock 05 November 2025 • 4 min read