Mr Burnham, the incoming Labour Party Prime Minister on Monday, has confirmed he’ll keep the Triple Lock pledge.
09:32, 19 Jul 2026Updated 09:58, 19 Jul 2026
Mr Burnham, the incoming Labour Party Prime Minister on Monday, has confirmed he’ll keep the Triple Lock pledge.
Andy Burnham has greenlit a £1,900 payment hike for state pensioners born before 1960. Mr Burnham, the incoming Labour Party Prime Minister on Monday, has confirmed he’ll keep the Triple Lock pledge.
Over 12 million pensioners across the country will benefit from the Triple Lock, the Labour government confirmed back in April, with their State Pension set to increase by up to £1,900 this parliament.
The system guarantees that the state pension will increase every April by a minimum of three measures: the previous September’s inflation print, average wage growth across the UK or a minimum floor of 2.5 per cent.
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Mr Burnham’s commitment to the pledge flies in the face of the OECD, the Organisation for Economic Co-operation and Development, which described the guarantee as “unusually generous in international comparison”.
“Under the triple lock, state pensions have risen significantly faster than earnings, adding fiscal pressures and uncertainty, particularly during periods of macroeconomic volatility or weak growth,” the OECD’s latest UK economic survey report said.
“Reforming the triple lock is necessary to reduce fiscal risks, but requires careful preparation and consideration of public acceptability,” the Paris-based think tank said.
The uprating formula was also found to have “regressive distributional implications, benefitting wealthier and higher-income individuals more as they tend to live longer”.
Mr Burnham has previously said it would be “very damaging” to break from Labour’s manifesto commitment of upholding the triple lock.
The current Chancellor Rachel Reeves said the government has the “right economic plan to build a stronger, more secure Britain.”
“The OECD agrees that we have restored stability, putting the economy in a much stronger position than it was two years ago”.
Ms Reeves is widely expected to be replaced as Chancellor by Mr Burnham, who will take over from the outgoing Sir Keir Starmer on Monday.