Business
What is the triple lock and how much is the state pension worth?
The cost of the state pension triple lock is set to be three times’ higher by the end of the decade than original estimated, according to the government’s official forecaster.
The triple lock guarantees that the state pension rises each year in line with either inflation, wage increases or 2.5% – whichever is the highest.
It meant the state pension rose by 4.1% in April 2025.
What is the state pension and how much is it worth?
The state pension is a payment made every four weeks by the government, to people who have reached the qualifying age and have paid enough National Insurance (NI) contributions.
In April 2025, the earnings link meant the state pension increased by 4.1%, making it worth:
- £230.25 a week for the full, new flat-rate state pension (for those who reached state pension age after April 2016) – a rise of £472 a year
- £176.45 a week for the full, old basic state pension (for those who reached state pension age before April 2016) – a rise of £363 a year
In general, you need 35 years of qualifying contributions to get a full state pension.
Some people may have gaps in their NI record if, for example, they have lived abroad or taken time off to care for children.
You can make voluntary payments to boost your contribution history. From 6 April, you can only make payments for the previous six years.
What is the state pension ‘triple lock’?
Under the triple lock system, the state pension increases each April in line with whichever of three measures is the highest:
- inflation in the September of the previous year, using a measure called the Consumer Prices Index (CPI)
- the average increase in total wages across the UK for May to June of the previous year
- or 2.5%
The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010.
It was designed to ensure the value of the state pension wasn’t overtaken by the increase in the cost of living or the incomes of working people.
Chancellor Rachel Reeves previously said the Labour government would keep the triple lock until the end of the current Parliament.
But since that commitment, there has been intense debate over the cost of the triple lock and whether it is justified.
In July 2025, the government’s official forecaster said the cost of the triple lock guarantee was set to be three times higher by the end of the decade than was originally anticipated when it began in 2011.
The Office for Budget Responsibility (OBR) said the annual cost is set to reach £15.5bn by 2030.
It said the cost of the state pension has risen steadily over the past eight decades, and now equates to £138bn, or around half the total amount the government spent on benefits.
Earlier in July, the influential Institute for Fiscal Studies think-tank suggested the triple lock should be scrapped as part of a wider pensions overhaul.
What is the state pension age and how is it changing?
More than 12 million people currently receive the state pension.
Men and women born between 6 October 1954 and 5 April1960 start receiving their pension at the age of 66.
But for people born after this date, the state pension age is increasing:
- a gradual rise to 67 for those born on, or after, 5 April 1960
- a gradual rise to 68 between 2044 and 2046 for those born on, or after, 5 April 1977
The International Longevity Centre, a think tank, argues that the UK will have to increase the state pension age to 71 by 2050, to keep the cost sustainable.
What is pension credit and how much is it worth?
Depending on their overall income, those above retirement age may also be entitled to pension credit in addition to the basic state pension.
Pension credit also increased by 4.1% in April 2025 meaning it tops up weekly income to:
- £227.10 if you are single – a rise of £465 a year
- £346.60 if you have a partner – a rise of £710 a year
If your income is above the stated limits, you may still be eligible for pension credit if you have a disability or care for someone.
Anyone who qualifies for pension credit may also be entitled to other financial support, including housing benefit, a reduction in council tax, help with heating costs and the warm home discount scheme.
How much is the winter fuel payment and how are the rules changing?
The winter fuel payment was previously paid to all pensioners to help with energy costs during the coldest period of the year.
In July 2024, the government said it would change the rules for the winter fuel payment in England and Wales from the next winter. The governments in Scotland and Northern Ireland said they would have to follow Westminster.
It said only those on pension credit or other means-tested benefits are eligible for the winter fuel payment, which is worth either £200 or and £300, depending on your circumstances.
The changes meant that more than 10 million pensioners did not receive a winter fuel payment in 2024.
Several charities, unions, and MPs criticised the decision.
In June 2025, after much speculation the government announced a U-turn which means winter fuel payments will now go to around nine million pensioners in England and Wales with an annual income of £35,000 or less. That’s about 75% of pensioners.
Chancellor Rachel Reeves said the government would “continue to means-test this payment so that it is targeted and fair, rather than restoring eligibility to everyone including the wealthiest”.
The rules will also change again in the rest of the UK.
Business
Amazon Starfish: Using AI to Create Ultimate Source of Product Info
Amazon has a new ambition for its giant online marketplace, and it’s using generative AI to execute the vision.
The company is already the largest e-commerce platform in the Western world, selling millions of products itself and supporting millions of third-party merchants who offer even more items through the platform and its warehouse and logistics network.
That’s not enough for Amazon, though. Recently, the company has been expanding its marketplace in new ways. This year, for example, Amazon launched a “Buy for Me” feature that recommends products from other brands’ websites and lets shoppers buy those from within the Amazon app.
An internal planning document obtained by Business Insider sheds new light on how Amazon is using AI to help these endeavors.
The document, from late 2024, describes a project, codenamed Starfish, that uses AI models to “synthesize” information from various data sources, such as external websites and images. It then generates “complete, correct, and consistent product information globally.”
The eventual goal of the multiyear project is to make Amazon the best source of product information for “all products worldwide,” the document added.
More listings, less time
Starfish is part of an effort to simplify product listings for third-party sellers. Amazon began rolling out elements of this in 2023 to help merchants craft stronger product descriptions from short inputs or individual URLs. It also introduced AI tools that automatically generate product images and video ads.
“Starfish enriches product data using LLM, improves Catalog at scale by filling missing information, correcting errors, rewriting titles, bullet points, and product descriptions to make them more relevant for the customer,” the document explained.
In recent years, the company has stepped up efforts to improve its listing quality, removing billions of inactive or non-selling products from its marketplace, BI previously reported.
A $7.5 billion boost
Generating more product listings and making them accurate and compelling can potentially increase sales, which is crucial for Amazon’s e-commerce business to keep growing.
Manually creating listings is time-consuming for sellers, so speeding up this process could be a win-win for Amazon and its merchants.
Amazon’s internal document estimated that Starfish would contribute $7.5 billion in extra gross merchandise sales in 2025, thanks in part to driving better conversions and building a broader product selection.
GMS measures the total value of all items sold through the company’s e-commerce platform. $7.5 billion is a lot of sales, however, Amazon generates hundreds of billions of dollars in annual revenue from its Marketplace business.
Broader ambitions
Indeed, the internal document shows the Starfish initiative has much broader ambitions. Turning Amazon’s Marketplace into the top global source of all product information is a goal that puts the company on a track to potentially compete more with Google’s Shopping service.
One day, Starfish could scour the global web to collect mountains of data that would help the AI system auto-fill product descriptions by itself.
According to the internal planning document from late 2024, the new AI tool was expected to collect product information from 200,000 external brand websites this year by “crawling, scraping, and mapping external items to Amazon catalog.”
Many Big Tech and AI companies have bots that crawl the internet to scrape, collect, and index data from websites. Mapping is the process of organizing and displaying the extracted information. Amazon has its own crawler, called Amazonbot.
The company says on the Amazonbot webpage that this crawler collects information “to improve our services, such as enabling Alexa to more accurately answer questions for customers.”
It’s unclear if this bot is being put to work on the Starfish project, or whether the crawling and scraping parts of this initiative are still in the works.
An Amazon spokesperson declined to comment on this part of the project, but shared other details with BI in a statement.
The spokesperson confirmed that Starfish is mapping data for certain features, such as the new “Buy for Me” recommendation system for external products.
“Amazon is continuously leveraging generative AI to enhance the customer and seller experience,” the spokesperson added. “This feature improves descriptions of products in our catalog for sellers, ultimately helping customers find the products they want and need.”
To measure Starfish’s effectiveness, Amazon is running A/B tests, internally comparing the sales of products that received AI enrichment and those that haven’t, according to the internal document. Amazon has also built a new bulk listing feature and plans to expand Starfish to additional countries later this year, it explained.
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Business
Nvidia’s Huang to Meet Chinese Leaders While AI Curbs Deepen
(Bloomberg) — Nvidia Corp. co-founder Jensen Huang will meet with senior Chinese officials in Beijing next week, signaling the company’s commitment to a vast market Washington is increasingly seeking to isolate.
The chief executive officer is seeking discussions with leaders including the commerce minister, a person familiar with the situation said. Huang is planning those meetings while attending the International Supply Chain Expo in Beijing next week, the person said, asking to remain anonymous discussing a plan still in flux. That conference is one of the Chinese government’s signature events, and has featured the likes of Apple Inc.’s Tim Cook in the past.
Huang, who’s been vocal about the need for US companies to access the world’s largest semiconductor market, is a frequent visitor to China. He’s returning to the country at a sensitive time for the company, which has become ensnared in a broader US-China tech conflict as the foremost producer of chips for AI development.
It’s unclear what Huang intends to address with Chinese officials. Nvidia representatives declined to comment on his agenda. A commerce ministry spokesperson said the agency had no information to share, when asked about Huang’s visit. A representative for the conference organizers declined to comment. The Financial Times reported earlier on Thursday that Huang planned to meet top officials during the expo in Beijing.
Nvidia’s CEO this year branded Washington’s efforts to stall Beijing’s semiconductor ambitions a failure, arguing that the US should ease technology export curbs because they hand local rivals like Huawei Technologies Co. an unfair advantage. The company is now barred from selling all but its lower-end, gaming-focused graphics processors in China.
Any relaxing of restrictions would benefit Nvidia. It made history this week as the first company to hit $4 trillion of market value, a testament to its central role in providing the hardware for a post-ChatGPT AI infrastructure building boom.
Still, Washington remains intent on pursuing a campaign to choke off China’s access to cutting-edge technology. The Trump administration has drafted plans to restrict shipments of AI chips to Malaysia and Thailand, part of an effort to crack down on suspected semiconductor smuggling into China.
Nvidia said in May — before the latest curbs — it expects to lose out on $8 billion of sales this quarter because of US restrictions generally. It plans to design and sell a new, lower-end AI chip for China this year that won’t run afoul of those regulations, the Financial Times reported.
More stories like this are available on bloomberg.com
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