Andy Burnham, the Labour Party government PM-in-waiting and new MP for Makerfield, has confirmed he will keep the state pension triple lock when he becomes Prime Minister, guaranteeing an extra £312 a year for state pensioners on the full new amount. He made his stance clear during a Reddit ask me anything (AMA) session.
Triple Lock Commitment
Burnham said he appreciated there was a “lot of debate” about the pledge but stressed it was “important that the commitment in the manifesto stands”. Labour’s 2024 manifesto commits the party to the triple lock, which protects the rate at which the state pension rises. The triple lock guarantees a floor rise of 2.5 per cent, taking new state pension rates to £247.30 at a guaranteed minimum next April under Burnham's premiership.
Financial Impact on Pensioners
The current state pension is £241 per week. The additional £6 a week will amount to £312 a year for state pensioners on the full, new amount. Responding to a question about whether it was time to abolish or debate the triple lock, Burnham reiterated that the manifesto commitment remained. The Labour manifesto states that the party will “retain the triple lock for the state pension”.
How the Triple Lock Works
The triple lock raises the state pension annually by whichever is highest out of inflation, average earnings for working people, or 2.5 per cent. However, the metric has come under recent scrutiny, with the Intergenerational Foundation warning it is unsustainable, unpredictable, and intergenerationally unfair.
Public Opinion
According to a recent study, 66 per cent of adults in the UK are in favour of keeping the triple lock, while only 14 per cent are against it. This means any political change to the pledge would prove hugely controversial, and Burnham is clearly unwilling to risk it.
