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Chamber of Commerce Urges End to Pension Triple Lock

9/8/2026

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Summary

Story summary

Prime Minister Andy Burnham faces pressure to scrap the state-pension triple lock.
The British Chamber of Commerce urges Chancellor John Healey to drop the lock, claiming £3.3 bn savings.
Economists estimate the lock costs £146 bn annually, about 5 % of GDP and twice defence spending.
The Tony Blair Institute proposes a “lifespan fund” linking pension credits to work, health and caring.

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Story summary

Prime Minister Andy Burnham faces pressure to scrap the state-pension triple lock.
The British Chamber of Commerce urges Chancellor John Healey to drop the lock, claiming £3.3 bn savings.
Economists estimate the lock costs £146 bn annually, about 5 % of GDP and twice defence spending.
The Tony Blair Institute proposes a “lifespan fund” linking pension credits to work, health and caring.