Andy Burnham has confirmed he will maintain the Department for Work and Pensions (DWP) triple lock, ensuring both new and basic state pensioners receive a minimum 2.5% increase next April. This commitment means eligible pensioners born before 1953 will see a significant boost to their income.
Who Qualifies for the Increase?
Everyone eligible for the basic State Pension has now reached State Pension age. To qualify, individuals must be either a man born before 6 April 1951 or a woman born before 6 April 1953. The full basic State Pension currently stands at £184.90 per week.
Financial Impact of the 2.5% Hike
A 2.5% increase on the full basic State Pension equates to an additional £4.60 per week, or £239.20 per year. This rise is guaranteed under the triple lock pledge, which uprates pensions by the highest of wage growth, inflation, or 2.5%.
Burnham's Broader Policy Agenda
Burnham, set to become prime minister on Monday, plans to outline a policy agenda that includes nationalising water and energy companies and launching a major council-house building programme. He stated: "This is a moment to speak for all parts of the country and unite people in a common cause. I love every part of the country, all of the accents and different traditions and some of the football clubs. But I also feel they can be more than they are."
Pressure to Reform the Triple Lock
Despite his commitment, Burnham faces pressure to end the triple lock. The OECD has warned that the policy "puts upward pressure on public expenditure and adds significant fiscal risks by exposing public finances to supply shocks, thus requiring a timely reform."
Devolution Promises
Burnham also pledged to "take power back from Westminster and Whitehall and give it back to the place where you live," emphasising his intention to lead for all parts of the UK, including the north, south, east, west, Scotland, Wales, and Northern Ireland.
