Andy Burnham has announced a downgrade of the state pension triple lock, removing the earnings element from 2030, in a move that will stun pensioners. The announcement came during his Labour conference speech, where he also promised to privatise water, rail and utilities and create a universal social care system.
Triple Lock Downgrade and Tax Freeze
The triple lock, which has lifted millions out of poverty since 2012, will see its earnings element removed from 2030. This is not the only blow pensioners suffered, as the personal allowance freeze has been extended to 2031. Next year, the full new state pension will exceed the £12,570 tax-free personal allowance, dragging more low-income pensioners into the tax net.
Before the conference, there had been speculation about hiking the personal allowance to £15,570, which would have solved the state pension taxation problem and offered compensation for the triple lock assault. Burnham did not mention that, leaving pensioners facing two blows rather than one.
Pensioners Bear the Brunt
This follows similar actions under Keir Starmer, when Chancellor Rachel Reeves axed the Winter Fuel Payment from 10 million pensioners, taking up to £300 from single people living on as little as £11,350 a year. The backlash forced a U-turn, but Reeves continued her assault on pensions, savings, capital gains, dividends and inheritances.
Burnham is now preparing to throw money at Labour's pet projects, from public sector pay to social security, nationalisation, union freebies and homes and benefits for new arrivals, while British people who have paid into the system for decades foot the bill. Pensioners still have a vote, and they would be well advised to use it.
