Prime Minister Andy Burnham is considering scrapping the state pension triple lock to fund his proposed National Care Service, a move that could shape the next general election. The policy would provide free social care without forcing people to hand over savings or sell their homes.
Funding the National Care Service
The triple lock currently guarantees that pensions rise each year by the highest of inflation, average earnings growth, or 2%. Think tanks and some political figures are urging the Prime Minister to end this guarantee to pay for care reforms.
Darren Jones, former chief secretary to the Treasury, is among those calling for an end to the pensions guarantee. Lord Blunkett, a former Labour Home Secretary, said: "The honest truth is that there is an extremely good intellectual case for ending the triple lock, but it needs to be done this side of an election."
Electoral risk and next steps
The most likely scenario is that the Government keeps the triple lock for now but goes into the next election promising to scrap it if it wins. The key question is how voters would react to such a move.
Mr Burnham has asked Baroness Casey, a former civil servant already reviewing social care, to examine funding options. He said he will "lay out a broad direction" and Baroness Casey will "help me work up the details that we will put to cross-party talks, because we do have to build consensus."
It remains unclear whether any consensus can be reached, and the full details of Mr Burnham's plan are not expected for some time.
