Story perspectives

Burnham Adjusts Triple Lock for £15B Annual Care Savings

By Drooid · Sep 30, 2026, 6:05 AM UTC · How we work

Summary

Story summary

British Prime Minister Andy Burnham announced on Tuesday, September 29 2026, that the triple lock will be adjusted from April 2030.
Savings from the change are earmarked for a new national care service.
Reform will take effect after the next general election, preserving the manifesto pledge to retain the lock.
Institute for Fiscal Studies projects the reform could save about £15 billion annually by 2040.

History

Historical Context

Introduced by the 2010-2015 coalition, the triple lock makes State Pension rises each April the greater of earnings growth, CPI or 2.5 %. The Office for Budget Responsibility says the lock creates long-run spending uncertainty, and the 2024 increase was 8.5 %. In 2026 the government said it will modify the lock from 2030 to free resources for a National Care Service.

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Story summary

British Prime Minister Andy Burnham announced on Tuesday, September 29 2026, that the triple lock will be adjusted from April 2030.
Savings from the change are earmarked for a new national care service.
Reform will take effect after the next general election, preserving the manifesto pledge to retain the lock.
Institute for Fiscal Studies projects the reform could save about £15 billion annually by 2040.

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