Burnham pledges to reform triple lock to fund new National Care Service
Andy Burnham has said Labour will drop the triple lock on state pensions in its manifesto for the next election in order to fund a sweeping new National Care Service. In his address to party members, Burnham said the party would link a rise in the state pension to inflation or 2.5 per cent every [...]
Andy Burnham, a Labour Party official, announced that the party would abandon the triple lock on state pensions in order to fund a new National Care Service. This change would see the state pension rise by either 2.5 per cent, inflation, or wage growth, whichever is the highest. Burnham pledged to end the ban on public ownership of water companies, potentially leading to the nationalisation of multi-billion pound businesses over a decade.
The Labour leader also proposed increasing council powers over housing and fighting for constitutional and electoral reform in the upcoming election. Burnham's move to drop the triple lock, a policy introduced by former Chancellor George Osborne in 2011, was seen as a gamble to address rising social care costs, which could reach £18bn by 2035.
Critics argue that the triple lock is unsustainable for public finances, potentially raising public spending by up to £40bn in the next 25 years. Burnham emphasized the need for a new system that ensures everyone contributes and receives care, free at the point of use.
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