Faisal Islam: Triple lock move is significant, but it's a gamble

Faisal Islam: Triple lock move is significant, but it's a gamble Prime Minister Andy Burnham’s announcement concerning the triple lock after the recent election has been described as an important development that will reverberate well beyond the parliamentary chamber. For months, commentators had suggested Burnham was lukewarm about altering the triple lock as it currently stands, yet he has moved further than many expected, seeking to blunt the political impact of his decision by tying it to a new national social initiative. The government has labelled the reform an “adjusted triple lock” in an effort to reassure pensioners, presenting it as akin to a “treble lock plus”. The sensitivity of this gamble is evident in the ensuing debate. Under Burnham’s proposal, the state pension would rise each year by the greater of inflation or 2.5 %, ensuring it keeps pace with price increases. The existing link to average earnings growth—a key driver of the current triple lock—would be removed from an annual calculation and instead be smoothed over time. The stated aim is to maintain the state pension as a fixed share of national earnings, targeting the level projected for