Gilt Yields Stay Lower After Prime Minister Burnham's Speech

LIVERPOOL, England, Sept 29 (Reuters) — British Prime Minister Andy Burnham gave his first speech as Labour leader to his governing Labour Party's annual conference in Liverpool on Tuesday. Burnham pledged action on several long-standing and entrenched political issues in his speech. Below are the key topics he covered: Adult Social Care Burnham said his government would create a national care service which would be free at the point of use, in line with Britain's state-funded National Health Service, and with no charges for care taken out of people's basic state pension. The proposed new care service would be introduced in the next parliament, so after the next general election which needs to be held by mid-2029. Pension 'Triple Lock' Burnham, who is hemmed in by Labour's previous manifesto commitments and the public finances, said he would fund the new care service by altering the so-called triple lock, which guarantees a ​state pension rise each year by the highest among inflation, wage growth ​or 2.5%. Burnham said that, if he won the next election, the state pension would from 2030 rise by at least inflation or 2.5% and would maintain its value relative to earnings over time. Labour had pledged to keep the triple lock throughout the current parliament. Britain's Relationship With The Eu Burnham said he wanted to try and find a consensus on a long-term relationship with the EU, which remains Britain's largest trading partner, after some progress under his predecessor Keir Starmer. But the comment by Burnham, who has previously said he wants Britain to rejoin the EU in his lifetime, that "Brexit has done more harm than good" is likely to draw the ire of Britain's right-wing political parties and press. Electoral Reform Burnham has long supported reform of Britain's first-past-the-post electoral system, which has regularly returned parliamentary majorities for parties receiving around 30% of the popular vote. He announced a national commission on electoral reform, with a view to Labour including a commitment to change Britain's electoral system after the next general election. Britain's traditional two-party system, dominated by the Labour and Conservative parties, has fractured in recent years with both losing votes to the left-wing Green Party, the right-wing Reform UK and nationalists in Scotland and Wales. Water And Utilities Companies Britain's water companies have been the target of growing anger over the quality of services and the regular pollution of waterways with sewage while bonuses and dividends have been paid to bosses and shareholders. Describing the water industry as "a symbol of what has gone wrong with Britain", Burnham said he would introduce a law to overturn a ban on the public ownership of water companies. The announcement comes as creditors of Thames Water, Britain's biggest water supplier, seek approval for a rescue plan to avoid potential nationalisation of the company. (Reporting by Sam Tobin; editing by William James,