Andy Burnham plans to replace the state pension triple lock from April 2030 with a double lock of inflation or 2.5%, according to a Budget preview from the broker FP Markets. Under that design, the link to earnings would be dropped.
The preview is a press release. It says the change depends on Labour winning the next election, and that Burnham has committed to keeping the triple lock for this parliament.
inews had reported that Burnham would make the triple lock less generous from April 2030 but did not say how. The FP Markets account has not been independently checked, and neither Burnham nor the Treasury has confirmed it on the record.
The same preview says the Budget may cut the health element of Universal Credit for under-25s, which it expects would be contentious among Labour MPs. This is also unconfirmed.
The Chancellor, John Healey, delivers the Budget to the Commons on Wednesday 28 October.