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Burnham Signals Triple Lock Reform Could Help Fund Social Care
The proposal could save up to £22 billion by 2030, according to Lord David Blunkett, while Labour says any change would wait until the next election manifesto.
On Tuesday, Prime Minister Andy Burnham proposed reviewing the state pension triple lock for Labour's next manifesto to help fund a proposed £18 billion-a-year NHS-style national care service.
The Institute for Fiscal Studies estimates maintaining the triple lock could add up to £40 billion annually to public spending by 2050, fueling debate over the policy's long-term sustainability.
Defence Secretary Wes Streeting insisted on Tuesday that Labour remains committed to the manifesto pledge to retain the triple lock for the current Parliament, with no changes planned before 2029.
Unite general secretary Sharon Graham warned that scrapping the triple lock would be "electoral suicide," urging the government to pursue wealth taxes instead of reducing pensioner support.
Ahead of the October 28 Budget, Labour faces pressure to balance fiscal sustainability with its manifesto promises, as policymakers weigh social care funding needs against pension guarantees.
The British Prime Minister announces the removal of the mechanism that guarantees automatic pension increases despite the unpopularity of a decision that experts consider "a political suicide"
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Daily News and Politics podcast from The Times and Sunday Times.
Bonus: Andy Burnham's radical British reset
The Story discuss Andy Burnham’s proposed overhaul of the pension triple lock and plans to fund a National Care Service amid a looming fight over how to pay for social care.