Burnham vows to end existing pension triple lock in 2030 to help fund care
The PM was at times emotional during his conference speech in which he outlined his long-term plan for the UK.
Andy Burnham, the Labour Party candidate for prime minister, outlined his vision for transforming Britain in his keynote address at the party's annual conference. Among his proposals, Burnham vowed to end the existing state pension triple lock scheme by 2030 to help finance a new national care service. This move aims to generate significant savings that would be directed towards building up the care system.
The current triple lock ensures that the state pension increases annually by at least inflation, average earnings growth, or a fixed 2.5%, whichever is the highest. Burnham's plan would see the state pension rise based on inflation or earnings growth, but not both simultaneously. The change is expected to save around £15 billion annually by 2040.
Despite potential political repercussions, Burnham emphasized the importance of tackling the issue, drawing from his family's experiences of care home abuses. He also pledged to explore closer ties with the European Union and to reform the electoral system, aiming to make every vote count.
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