Addressing II cash balances, management said balances were around £8 billion and are expected to remain broadly stable as a proportion of overall assets, at roughly 8%–10% . The increase in cash in the quarter was attributed in part to SIP tax-free cash being released and remaining on platform, as well as a “backlog of SIPs” that have not yet been fully invested.On interest earned from customer cash, management said it does not expect 2026 margins to be materially different from 2025, though it noted the im ...