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Pension Triple Lock: How Could Labour Scrap It, and What Would It Cost Pensioners?
Burnham said reforming the pension pledge could help pay for a new care system, with the Institute for Fiscal Studies putting the cost at up to £40 billion a year by 2050.
- Prime Minister Andy Burnham signaled "nothing was off the table" regarding funding his ambitious social care system, though he pledged not to alter the state pension triple lock this parliament to keep Labour Party manifesto promises.
- Introduced in 2010, the triple lock guarantees state pensions rise annually by inflation, wage growth, or 2.5 per cent; the Institute for Fiscal Studies warns keeping it could add £20 billion annually to public spending by 2050.
- Former chief secretary Darren Jones called the triple lock option "interesting," suggesting that reallocating funds to support older people in social care could offer a path forward as the policy's cost approaches more than £15 billion by 2030.
- Defence Secretary Wes Streeting reiterated Labour's commitment to the triple lock on Sky News, stating "The manifesto was clear on this — we're committed to the triple lock," and dismissed immediate changes to pension uprating.
- Burnham is expected to outline the "broad direction" of his care plans during his Labour Party conference speech on Tuesday, aiming to demonstrate fiscal resolve through unpopular but rational decisions to manage national debt.
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Andy Burnham to signal END of state pension triple lock and warn Britons: 'We can't carry on!'
Andy Burnham is expected to signal an end to the state pension triple lock in a bombshell announcement today. In his speech at the Labour conference in Liverpool, the Prime Minister will call for the triple lock to be reviewed in his party's next election manifesto. Introduced in 2010, the policy requires the Government to increase the state pension each April by whichever is highest - CPI inflation, average earnings growth or 2.5 per cent. Sir …
·London, United Kingdom
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The IndependentReposted by 
The Independent (US)
The Independent (US)Scrap state pension triple lock to fund social care, Burnham told
The state pension will rise nearly £500 next year
·London, United Kingdom
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Coverage Details
Total News Sources13
Leaning Left2Leaning Right6Center2Last UpdatedBias Distribution60% Right
Bias Distribution
- 60% of the sources lean Right
60% Right
L 20%
C 20%
R 60%
Factuality
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