To Unlock…Or Not to Unlock – That is Burnham’s Question
Andy Burnham is in the process of finding out the true meaning of the word 'dilemma'...if he hasn’t already. His self-declared major policy objective at the party conference this week – to introduce a Social Care System free at the point of need – has introduced a degree of consternation into his party’s faithful, to say the least. Here’s why… Such a scheme for the UK would go much further than the scheme already introduced by the SNP in Scotland. The implication in Burnham’s speeches is that the English scheme would include residential care, and would not be means-tested. This would cost many billions (up to £18Bn for a full scheme including residential fees) to fund annually - which the Treasury simply doesn’t have right now. Burnham’s answer to this funding shortfall is to abolish the Pensions Triple Lock (i.e. the guarantee that the State Pension will rise annually by the rate of price inflation, wage inflation or 2.5% whichever is the higher), and use the cash ...