Andy Burnham will speak at the Labour Conference for the first time as Prime Minister in Liverpool this afternoon. The Labour leader will pledge to tackle the issues politicians "usually avoid" in his speech, alongside mounting speculation that the pensions triple lock could be reformed to fund social care.
What is the triple lock?
The policy guarantee ensures the state pension increases every year to keep up with rising costs and other financial pressures. The rate increases year-on-year by whichever is highest between inflation, average earnings, or 2.5%. The state pension is the largest driver of welfare spending this parliament - at £138bn in 2024-2025.
The current weekly rate for the full new state pension is £241.30, up £85.65 from when it was introduced in 2016. This is equal to around £12,547.60 a year. It is provisionally set to rise by 3.9% to £250.71 a week, or £13,036.92 a year, in line with earnings growth in 2026.
Labour's position on the triple lock
Labour's deputy leader Lucy Powell has refused to say whether the triple lock could be dropped by the party amid discussions over how Andy Burnham's social care plans could be funded.
Ms Powell told Sky News: "We are committed to the triple lock. It's in our manifesto. The triple lock has has really delivered for pensioners, in this country, over the course of this Parliament. I think we're going to see the state pension rising by about £2,000 a year significantly, and that's really important, so pensioners watching your show today can know that their income is secure and will continue to rise over the course of this Parliament."
She added: "I don't know what Andy's going to say about that today, but I know that what he's talking about is this big conversation about solving these big problems, but being really honest with people that they they come at a cost."
Defence secretary's comments
Asked whether it was "right to look at the triple lock" to support defence and social care spending, defence secretary Wes Streeting told Sky News yesterday that the manifesto "was clear on this" and Labour are committed to the triple lock. He added: "And (Prime Minister) Andy Burnham has been clear that we are standing by our manifesto. So, I hope that's clear." Mr Streeting has hinted that the triple lock will not be scrapped before an election.
Criticism and support
However, the triple lock is expensive for the nation as increases are secured annually. Even if the amount surges in one particular year, it would still be required to rise again the following year.
Critics say the formula has steadily pushed more welfare spending towards older people, while younger families face rising living costs, housing pressures and weaker support from the benefits system. Supporters counter that the UK still spends less on pensions than many comparable countries.
Burnham's speech preview
Posting to X this morning, Mr Burnham highlighted some areas he could focus on in his speech. He said: "We can't carry on as we are. Politics as usual has taken Britain backwards, and more of the same won't get us where we need to be. Today, I'll set out a different path for our country. That means having an honest conversation about the things we've ignored for too long, from fixing social care and tackling youth unemployment to giving people more control over energy, water and housing."
Mr Burnham added: "Hope comes from honesty. It comes from saying the things politicians usually avoid, being straight about the challenges we face, and having the courage to fix them. That's exactly what I will do."
