Burnham to signal willingness to look at scrapping pension triple lock to fund social care
Summary
Andy Burnham, the new UK Labour leader, said he is open to reviewing the "triple lock" pension policy to help fund a national social care service. He plans to have an honest conversation with the public about difficult issues like social care funding, while some Labour leaders say they still support the triple lock.Key Facts
- Andy Burnham might consider ending the pension triple lock to pay for social care.
- The triple lock guarantees pensions rise each year by the highest of inflation, wage growth, or 2.5%.
- The Labour party’s deputy leader, Lucy Powell, said the party still supports the triple lock.
- Unite union leader Sharon Graham said dropping the triple lock could harm Labour politically and hurt pensioners.
- Burnham wants to have open talks with the public about the costs of solving major problems like social care.
- Burnham replaced Keir Starmer as Labour leader and promises a serious new approach and new policies.
- He plans to address tough issues including energy costs and youth inactivity in his speech.
- Government sources say the prime minister might review the policy but not fully scrap it yet.
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