triple lock

Greater Manchester Mayor Andy Burnham is expected to use his Labour conference speech to signal support for ending the state pension triple lock, according to a Telegraph report. The triple lock guarantees pensions rise each year by the highest of inflation, earnings growth or 2.5%. The prospect of a senior Labour figure backing its abolition has drawn sharp attention, as the policy is costly and politically sensitive among pensioners.

Andy Burnham, the Mayor of Greater Manchester and potential Labour leadership contender, has pledged to scrap the state pension triple lock after the next election. He said that from April 2030 the state pension would continue to rise annually by at least prices or 2.5%, replacing the current guarantee of the highest of inflation, earnings growth or 2.5%. The pledge has drawn strong reaction, with critics likely to frame it as a threat to pensioners' incomes while supporters see it as a move toward fiscal sustainability.