Prime Minister Andy Burnham announced plans to scrap the state pensions triple lock by 2030 during his speech at the Labour Party conference. This proposal is part of his strategy to help fund a new national care service.
The Daily Telegraph reports that the triple lock would be replaced with a double lock. This would mean the state pension would increase by either inflation or a minimum of 2.5%, with the link to wage growth being removed.
In his 70-minute speech, Mr Burnham also pledged to reopen the Brexit deal with Europe and reform the voting system. The Times noted that the Prime Minister admitted there would be a "political price" for his proposals.
The Financial Times highlighted that Mr Burnham suggested Labour's three "red lines" on Europe could be "up for grabs" at the next general election, aiming to initiate a national debate on future relations with Europe.