Andy Burnham set to signal huge change to State Pension triple lock

Triple lock faces renewed questions ahead of Labour conference

Speaking at Labour’s conference in Liverpool, Burnham is expected to argue that the country cannot continue with the current approach to politics and needs to confront some of its long-term problems.

The triple lock is one of the policies likely to face closer examination. Introduced in 2010, it guarantees that the state pension rises every April by whichever is highest of inflation, average earnings growth or 2.5 per cent.

Labour promised to maintain the system before winning the 2024 general election, but pressure within the party has grown over whether it can continue indefinitely, particularly as Labour considers how to fund major changes to social care in England.

According to the Telegraph, Burnham is expected to stop short of committing to its abolition, with the focus instead on reviewing the policy ahead of the next Labour manifesto.

He is also expected to tell delegates that the country needs a new direction.

“We can’t carry on as we are. Politics-as-usual has taken Britain backwards,” he is expected to say. “More of the same isn’t good enough and isn’t going to get us where we need to be.”

Triple lock bill could reach £15.5bn a year by the end of the decade

A senior source told the Telegraph that the idea could form part of a wider “grand bargain”, with money currently used to fund the triple lock redirected towards a new system of support for elderly people.

Former Work and Pensions Secretary Lord Blunkett has suggested that changing the policy could save the Government up to £22 billion by 2030. 

One Labour MP also argued that the future of the triple lock should be considered alongside wider questions about social care and helping younger people back into employment.

The proposal is unlikely to go unchallenged. Unite general secretary Sharon Graham has warned that a National Care Service should not be created at the expense of pension increases, arguing that British pensioners already receive relatively low payments compared with other G7 countries.

The Conservatives have pledged to retain the triple lock if they return to power, with Kemi Badenoch publicly backing it. 

However, some senior figures around the party leader are reportedly concerned about how much the policy could eventually cost.

The Office for Budget Responsibility previously estimated that the annual bill could reach £15.5 billion by the end of the decade.