The 75p increase relates to the rise in the weekly value of the basic state pension – the older form of the pension currently being claimed by people in their 70s and over – for a single person enacted in Gordon Brown’s Budget in 2000.
This was in line with 1.1% Retail Price Index inflation in September 1999, used at the time to uprate the basic state pension.
That took the weekly value of the basic state pension from £66.75 to £67.50, an increase of 75p.
This low uprating prompted an outcry and pressure on the then Labour government to be more generous to pensioners.
The current value of the basic state pension is £169.50 per week. This works out at £8,814 per year.
In 2010, when the Conservatives entered government, the value of the basic state pension was £97.65 per week, or £5,078 per year.
So between 2010 and 2024 the annual value of the state pension rose by £3,736.
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