SMP rate history
Edited by Oliver Wakefield-Smith, Founder of Digital Signet. Last reviewed 23 June 2026.
Direct answer
Seven years of SMP
+28.5%cash uplift 2020/21 to 2026/27
The SMP weekly flat rate has risen from 151.20 in 2020/21 to 194.32 in 2026/27, a cumulative cash uplift of 28.5% over six annual Up-rating Orders. The Lower Earnings Limit has risen from 120 to 125 in the same window.
Year-by-year
| Tax year | SMP weekly rate | LEL | Statutory Instrument |
|---|---|---|---|
| 2020/21 | 151.20 | 120.00 | SI 2020/234 |
| 2021/22 | 151.97 | 120.00 | SI 2021/162 |
| 2022/23 | 156.66 | 123.00 | SI 2022/292 |
| 2023/24 | 172.48 | 123.00 | SI 2023/316 |
| 2024/25 | 184.03 | 123.00 | SI 2024/242 |
| 2025/26 | 187.18 | 125.00 | SI 2025/295 |
| 2026/27 | 194.32 | 125.00 | SI 2026/201 |
What drove the jumps
The 2023/24 increase of 10.2% was the largest single annual uplift of the period, reflecting the 10.1% September 2022 CPI figure used in the autumn 2022 Up-rating Statement. The 2024/25 and 2025/26 increases were smaller as CPI fell back. The 2026/27 increase of 3.82% mirrors the September 2025 CPI figure of 3.8%.
Has SMP kept pace with prices?
Across 2020/21 to 2026/27, SMP rose 28.5% in cash terms. CPI rose by approximately 25.7% over the same window, so SMP has slightly outpaced headline inflation, but it remains far below median UK weekly earnings of 728 (ONS, May 2025). The flat-rate phase pays roughly one quarter of median pay.