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Authorised funds can be wound up by their manager (with FCA permission) when they shrink below viable scale, or merged into a sibling vehicle.Investmenttrusts can also be put through a tender or wind-down following an AIFM proposal andShareholdervote.

European governments raised defence budgets sharply after 2022. UK MOD spending and procurement flow heavily through BAE, Rolls-Royce, Babcock and several mid-caps.

A social-media-coined term for piling personal savings into equities, often viaIndex Funds. Reflects rising US household equity allocation (Federal Reserve survey data) and falling allocations to cash.

The phrase dates back to the 19th century when London traders left for the country season and returned around the St Leger horse race in September.

HL has been promoting managed and ready-made pensions with simplified portfolios suited to less hands-on customers. Detailed terms are on HL's website.

A higher share-ownership rate broadens participation inBusinessgrowth and can lift household net worth. Pension auto-enrolment already exposes most workers to equities indirectly.

The classic definition is high inflation combined with stagnant or falling output and risingUnemployment- last seen severely in the UK during the 1970s.