Andy Burnham may fund spending plans by axing state pension triple lock, think tank warns

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Labour could ultimately be forced to scrap the state pension triple lock to help fund its cost-of-living commitments, a leading economic think tank has warned.The National Institute of Economic and Social Research (NIESR) said there is "clearly no scope" for the Treasury to fund Prime Minister Andy Burnham's spending pledges through additional borrowing, leaving tax rises or spending cuts as the main alternatives.Stephen Millard, deputy director for macroeconomics at NIESR, said the welfare budget was one of the most likely areas where savings could be found.Mr Millard said: "The triple lock on pensions, that is very, very expensive, and will get more expensive as we age." TRENDING Stories Videos Your Say According to estimates from the Institute for Fiscal Studies, the state pension triple lock costs between £12billion and £12.6billion each year.Mr Burnham pledged to run a "cost-of-living Government" after entering Downing Street last week.Since taking office, the Prime Minister and...

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