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Burnham Signals Triple Lock Reform Could Help Fund Social Care
The move could free up billions for an NHS-style care plan, with the Institute for Fiscal Studies saying the state pension costs £154 billion this year.
On Tuesday, Prime Minister Andy Burnham is expected to tell the Labour Party conference that the state pension triple lock 'does not work in its current form,' suggesting it be reviewed in the party's next manifesto to help fund social care.
First introduced in 2010, the triple lock guarantees annual state pension increases matching the highest of inflation, wage growth, or 2.5 per cent, creating fiscal pressures experts estimate could add up to £40 billion annually to public spending by 2050.
Prime Minister Burnham suggested 'nothing was off the table' for funding his proposed £18 billion social care system, yet Defence Secretary Wes Streeting insisted the government remains 'committed to the triple lock' throughout this parliament, upholding the 2024 manifesto pledge.
Unite General Secretary Sharon Graham warned scrapping the triple lock risks 'electoral suicide,' while Reform UK Treasury spokesman Robert Jenrick argued the government should slash other spending instead of cutting pension benefits for older people.
Any potential reform of the pension guarantee remains delayed until at least the next general election in 2029, even as officials identify that scrapping the mechanism could potentially save the government up to £22 billion by 2030.