BURNHAM ANNOUNCES END OF TRIPLE LOCK – Burnham said he will end the triple lock in 2030 to pay for free social care
Andy Burnham has announced that he will end the triple lock in 2030 to pay for free social care, in his first conference speech as Labour leader.
The Prime Minister said the policy would be replaced by a double lock under which the state pension would rise either by inflation or a minimum of 2.5 per cent. The link with annual earnings growth will be scrapped.
Mr Burnham pledged instead to ensure pensions held their value with earnings over time and said his decision would generate “significant savings” to meet his pledge to establish a National Care Service.
The triple lock, which requires the state pension to rise in line with inflation, wages or 2.5 per cent every year, has been in place since 2010.
The Prime Minister faced criticism over plans to scrap the policy earlier today, when Sharon Graham, the general secretary of Labour’s largest union backer – Unite, called it “morally wrong”.
