Millions of families are set to receive a financial boost after Chancellor Rachel Reeves confirmed that benefit rates will rise next year.

Typically, benefits are adjusted each April based on the previous September’s inflation figures. This year, the Consumer Price Index (CPI) inflation rate showed a 1.7% increase.

As a result, most benefits administered by the Department for Work and Pensions (DWP) will see a 1.7% rise, providing eligible individuals with hundreds of pounds in additional…