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Burnham Signals Triple Lock Reform Could Help Fund Social Care
The IFS says the state pension costs about £154 billion a year, adding pressure as Labour weighs a new social care funding plan.
- On Tuesday at the Labour Party conference in Liverpool, Prime Minister Andy Burnham announced plans to reform the state pension triple lock from 2030, redirecting savings toward funding a new £18 billion annual national care service.
- Rising costs for the state pension, which currently total around £154 billion annually, have prompted debate over fiscal sustainability as England's proposed national care system requires substantial funding to address social care needs.
- Labour Party ministers confirmed the manifesto pledge to maintain the triple lock until 2029; Burnham specified the new mechanism would function as a 'double lock,' rising by inflation or 2.5% while holding value relative to average earnings.
- Unite general secretary Sharon Graham warned that altering the policy would be "electoral suicide," while Conservative Treasury spokesman Robert Jenrick called the proposal "outrageous," urging cuts to foreign aid and Net Zero subsidies instead.
- The Institute for Fiscal Studies estimates that maintaining the current triple lock could add up to £40 billion to public spending by 2050, leaving policymakers to balance rising pension costs against urgent social care reform requirements.
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burytimes.co.ukCould the state pension triple lock be changed in the Budget?
The state pension triple lock is facing renewed pressure ahead of the October Budget. Here's what could happen to pension increases and why the…
·Blackburn, United Kingdom
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Coverage Details
Total News Sources57
Leaning Left7Leaning Right7Center29Last UpdatedBias Distribution68% Center
Bias Distribution
- 68% of the sources are Center
68% Center
L 16%
C 68%
R 16%
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