The HL business model on a forward-look basis is a compelling one. Significant market share, growth that will be driven by innovation and structural tailwinds. With the planned investment spend, cost growth will moderate to allow the benefits of that top line growth to drop through to the bottom line. In the near term, we're giving specific guidance for FY23, when we expect to see an uplift in our overall revenue margin to 44-47 basis points, with the benefit of increasing base rates coming through in NIM. We expect to see funds margin broadly flat at 38-39 basis points. We expect HLFM funds margins come down to 55-60 basis points as we launch new funds with lower AMCs and migrate certain existing multi-manager funds to the new funds and the new pricing. Shares margin at 35-40 basis points reflects an expectation that the lower levels of trading we've seen more recently may well continue through much of the year ahead. On cash, while we're expecting FY23 to be a good year for Active Savings, we're expecting to see a small uplift in revenue margin and expect to see a similar level of cash migration from the platform into Active Savings as clients who are seeking to generate more return on their cash take advantage of the great rates on offer. In terms of cash on the platform, we place deposits across a limited range of deposit takers, prioritizing security and liquidity for our clients ahead of yield. We are, though, starting to see the benefit of recent base rate rises being passed through, particularly as the term deposits placed at much lower rates expire to be replaced with latest market pricing. In terms of pass-through, we consider the client need, characteristics, and behaviors by wrapper and the flexibility and limitations by wrapper when determining and reviewing pass-through. This means pass-through is higher for SIPP and drawdown than for fund and share, for example, where clients can easily access Active Savings to generate greater return, if that's their objective. We expect to see margin on cash of 90-110 basis points based on current base rates. As we did through FY 2022, we will refresh our guidance as the trajectory on both rates and pass-through evolves through the course of the year. On underlying costs, we guided to an increase of 8%-9.5% from FY23 to FY25 at the Capital Markets Day. As underlying costs have come in lower for FY22 than guided, we now expect to see cost growth at 9.5%-11.5% just in the year ahead, taking into account the impact of wage inflation, expecting underlying costs in absolute terms to be lower than previously guided. As covered earlier, we expect total strategic spend in FY23 to comprise GBP 65 million-GBP 75 million of investment cost, catching up on the managed start in FY22, and dual tech running costs of around GBP 20 million in a year. The guidance we gave on expecting to maintain ordinary dividend growth at 3% is unchanged. I'll now hand back to Chris to update on our progress against the strategy. Thank you, Amy. Firstly, our clear and unambiguous purpose, our culture, our values, they all help us to face into the short-term challenges and the long-term opportunity with confidence. Today, we're already targeting a GBP 3 trillion addressable market in the U.K. savings and investments, which we know will increase to GBP 4 trillion by 2026, and it will keep growing from there. Fundamentally, the secular shifts that we've discussed before are relentless and pushing, encouraging, and driving more people to take control of their savings and investments. This has not changed despite this backdrop. It means that the market is growing and the opportunity is even bigger. Remember, we've been around for 40 years. We take a long-term view of the opportunities ahead, just as our clients are focused on the long-term outcomes for their financial health and security. Client expectations, accelerated by the pandemic, will continue to change regardless of market moves. Our clients no longer compare us to wealth managers or other financial services companies, but to the customer experiences offered by Amazon and by Netflix. Interaction via digital channels will only continue to evolve. This year has been about laying foundations. The team has done that exceptionally well, and we are now delivering our strategy through five pillars. We will accelerate growth via our integrated proposition, create a step change in client service and efficiency, develop our digital backbone, enable our people, strengthening our culture. Scale our foundations. Through these, we will continue to enhance the breadth and depth of services that we offer and set HL up for sustainable growth into the future. Driving growth through our leading digital experience, reinforcing our position as the U.K.'s number one for investor experience through use of the latest technology to build personalization and resilience as we scale. Maintaining absolute focus on client service standards, creating easier ways for clients to use our service, from more efficient payment methods to quicker processing to smoother transfers. Developing an extensive and comprehensive proposition through the addition of new funds and investment solutions, our Augmented Advice proposition, and an enhanced Active Savings proposition. We've made a good start. We've got clear plans for continued delivery in 2023. I'm gonna take you through what we've done this year and our focus for next year. I know what you're thinking about now, the short-term turbulence. Let's go there first, so I can remind everyone about the resilience of our business and the important role that we now play in the U.K. savings and investments market. When you look at all the boxes on the page, it is quite a trip down memory lane, but there is a key point here. We have been through periods of market turbulence and fluctuating investor confidence many times before, and we've always maintained our strong organic growth record. We are the market leader. We have industry-leading margins, strong cash flows, and a strong balance sheet. This is all because we come out of these macro events stronger, and our commitment to servicing our clients in these periods only increases their loyalty to us. We are confident in our ability to support clients through current conditions because we are confident in our purpose, confident in our proposition, our service, and the ever-expanding tools that we provide to manage their finances. There's absolutely no doubt that 2022 is a year of uncertainty. We recently launched the second edition of our Savings and Resilience Barometer because we recognize that learning how to build financial resilience has never mattered more. The July edition shows real disposable income has fallen, will remain stagnant. 41% of households right now are dipping into reserves or debts to tread water. Lockdown resilience gains are wiped out in a high inflation, higher interest rate scenario in the year ahead. Finally, inequality will continue to rise. The resilience hit on the poorest 40% is 3x greater than that of the richest 20%. Everyone recognizes the need to build financial resilience. The cost of living crisis will sadly compound that inequality in financial resilience. Importantly then, what does it mean for our clients? Well, we need to help them to be as smart as possible with their money wherever they are in their financial journey. They need an ever more personalized service, so we provide nudges, targeted relevant communications. They need to do the right thing with their cash, liquidity, investments, and income using our diversified platform to actively manage both their cash savings to get market leading rates and using our tools and insight to manage their diversified fund and share investments. Taking full advantage of their tax-efficient saving options with this year more clients than ever using our tax wrappers over tax year-end and investing for the long term to get the financial outcomes that are right for them. We need to continue to offer the best digital service with tools, calculators, and our mobile app with 119 million client logins during the year against about 70 million back in 2019. We're building our clients' ability to invest and save with confidence. We're doing it by providing them with the right information and guidance at the right time. We do that through the powerful combination of our trusted brand with its broad savings and investment offering, our leading digital service, coupled with our renowned high-quality client support, and an extensive range of research, insights, guides, and tools. We make it as easy as possible for them to act. I'm gonna take you through that in a bit more detail because this is how we've been doing just that in 2022. We invest in the brand and reputation because awareness and trust are important for both new and existing clients. They stimulate attention and engagement. Our latest Switch Your Money On campaign has seen us outrank the competition on first choice, brand consideration, usage, and awareness, all based on our Kantar metrics. We invest in our digital capability because that's how our clients want to interact with us. We had 100,000 listens to our Switch Your Money On podcast. We've sent nudges to 590,000 clients on diversification, cash levels, and risk. Clients want to know more, so we've expanded what we offer. We had a 98% increase in visits to our HL Learn webpage for educational insights. 260,000 guides have been downloaded. It's building people's knowledge, engagement, and confidence. We're delighted that this investment in new digital services is paying off. We were rated number one by Platforum for Investor Digital Experience. We have the broadest offering in the U.K. There are more than 10,000 funds and shares available to invest in. We have a full product offering with all of the wrappers. Our cash service, Active Savings, which was somewhat prescient for us to introduce in 2018, it's now been offering market-leading rates for over 80% of the year. We use our scale to enable discounts for clients on funds. We handled 1.3 million calls to the help desk, responded to 410,000 emails, and sent over 1,300 articles to clients, giving them insight and knowledge on investment. We're especially proud that our clients recognize our focus on client service. Our Trustpilot scores are excellent. Boring Money have recognized us for customer service, Best Buy ISA, Best Buy SIPP, and The Times Money Mentor with Gold for customer experience. Our retention levels have improved, and we've done all of this with almost another 500,000 clients compared to pre the pandemic. As I said earlier on, we shared our strategy at a Capital Markets Day in February. Since then, we've been absolutely focused on delivery. We are firmly in delivery mode. I'm gonna take you through the delivery in 2022, focus for 2023 across each pillar. I'm only gonna focus on 2022 and 2023 for each pillar. Clearly, our strategy goes into the medium term. You can see the overall plan we have in the investor deck from the Capital Markets Day. I know the market right now, not currently focused on growth, but I want to talk about growth because we are going to deliver growth, and that is a given beyond this short-term market turbulence as we execute the strategy. Our initiatives here are to drive flows, assets, clients, and retention by developing investment solutions for a broad range of clients, by providing a simple solution to clients to manage cash savings, and combining the best of digital and human engagement to enhance the client experience as they manage their money. The three areas to update you on are, firstly, investment solutions. In 2022, we launched the HL Growth Fund as the default multi-asset fund for the SIPP. It's now integrated into the workplace journeys. We've seen encouraging levels of engagement from clients with higher than expected opt-ins and GBP 102 million of flows. We've also added to our ETF and ESG research capabilities. This momentum's rolling into 2023 with a U.S. fund launch in the H2 of the year. Next, in Augmented Advice, we're making progress in the scoping, designing, and building of key features. We've done over 4,000 hours of design work. We'll launch a pilot at the end of the H1. In Active Savings, Amy's highlighted the flow momentum. We added two partner banks, and now in FY 2023, we're focused on marketing our powerful offer and developing the proposition with payment functionality. Service and efficiency. There are two key outcomes we're focused on. As I've shown you, HL is known for its high-quality client service and support. We're maintaining and evolving this to get better in delivering the right outcome to the client fast. Either swift, automated self-service or immediate contact with the right colleague who's got the right knowledge and expertise to help. This service must be underpinned by scalable and cost-efficient processes. In 2022, we partnered with some key players. First, with Amazon Web Services, with whom we are developing a cloud-based service platform that enables us to simplify how we work using data automation and routing client contact to the right areas of expertise, first time and at speed. As we continuously evolve this beyond 2023, we'll demonstrate to our clients we know a little bit more about them in every interaction, unlocking the power of data and delivering actionable insights. You know me, you know all about me and will enable an even greater experience by focusing on my individual needs, and we'll meet those needs in the most hyper-personalized way. Next, we've partnered with Ecospend to enable us in 2023 to roll out Open Banking capability, initially by improving payment functionality across key journeys. We launched a new retail offer service, which enables retail investors to access IPOs and secondary fundraisings. Key area where retail investors previously lacked the tools to engage. The first call for action was for an infrastructure investment trust. 25% of the shareholders participated. This continues to broaden the service that we offer our clients, providing greater functionality and increasing client satisfaction. As Amy underlined, this investment is designed to take cost out of how we deliver our service. We're going to deliver GBP 8 million of cost out from efficiencies in the year through automation, productivity improvements, and vendor management enhancements. Digital backbone. At the Capital Markets Day, we were clear to talk about the importance of building and developing a digital backbone to support and deliver the strategy. The outcomes that we're focused on are, firstly, to use the cloud to accelerate our ability to innovate and scale. Secondly, to deploy, buy rather than build technology that enables us to maximize the immediate power of data for clients and colleagues across the platform. And thirdly, to develop an organization and a culture that enables us to constantly deliver and develop an end-to-end client experience at pace. That means setting up the digital foundations of frameworks and ways of working across all of HL that support constant data-driven delivery and leveraging technology. In 2022, we've set out foundations for our cloud migration, signing contracts with industry leaders, ForgeRock and Kong, to support our development of enhanced identity and authentication solutions and building our ability to scale. In 2023, we'll further centralize how we manage and establish digital identity in order to create that personalized experience. We're focused on data enrichment to build the foundations that enable a smoother transition to the cloud and to power augmented solutions. This year, we partnered with Precisely, and in 2023, we'll work with them to prepare our data for that future and enable us to manage and govern across that data lifecycle, identifying, cataloging data assets, as well improving data quality through rules and workflows that then power AI-driven guidance. We've also begun to apply cloud-based solutions through partnerships, including AWS, who I just mentioned, and they're supporting the delivery of our new cloud and data platforms, building increased personalization and efficiency into our service. In doing this, we'll deliver GBP 7 million of cost savings. The delivery of a strategy is obviously only possible with the right people, the right capabilities, and the right culture that underpin it. HL's success is due to our brilliant colleagues and their continued efforts to go that extra mile, to innovate and to deliver for clients. The execution of our strategy in some areas is reliant on introducing key new capabilities, and we must ensure that the combination of those makes us even stronger. We are focused on building the right environment to develop and enhance our colleague performance, retain and attract the right talent, and make HL a great place to work. Engagement and diversity are all key points for focus. Over the year, we've added significant capability to the teams with a focus on key areas for delivery of our strategic priorities, including fund management and technology. We also have significant hires joining us later in the year, including in advice, where shortly we'll welcome a new Advice Director, Richard Caldicott, joining from M&G Wealth, where he was Deputy CEO. Richard is gonna play a critical role in the transformation of HL's approach to advice over the next few years and the implementation of our Augmented Advice solution. We also will welcome Rohini Mehra in August as our Omni-Channel Director. Rohini is gonna play a key role in the execution of our service and efficiency program, incorporating the latest technology to deliver cost savings and service improvements. She joins us from Bromford, where she was Chief Customer Officer, and after 10 years working at Three on channel strategy and customer experience transformation. In 2022, we've introduced a hybrid working pattern. It's colleague-led. We're adapting our offices for more flexible and agile working patterns. We've also been very mindful of the very real impact of higher inflation on the cost of living. In May, we provided a breathing space payment for colleagues to help them cope with these financial pressures. We continue to look at solutions to provide colleagues with support during what is a very difficult and challenging time. We're investing in our data team, building on capabilities with AI and machine learning. We're focused on developing our ability to work with digital technology and data in end-to-end groups across HL. The outcome that we want is that fast and iterative delivery. Another critical element of any successful business is the enabling functions that support the delivery and execution of the strategy. In 2022, we welcome new capability across key teams, including significant increase in risk and compliance. We also delivered key resilience and scalability improvements to key systems, including our drawdown payments and commercial banking systems. In 2023, we'll continue to enhance these underlying foundations, ensuring that we've got the systems and people to develop our strategy and meet regulatory expectations, such as complying with the new Consumer Duty to help ensure the right outcomes for clients. These five pillars are at the heart of how we measure progress. In 2022, we've started to make progress against all of the outcomes that I called out. All of them interlink, and we've got a clear set of measures that we're using to ensure disciplined investment and both measure and demonstrate our progress. In summary, we're all aware of the uncertain geopolitical landscape and the markets that we face. This challenging environment has impacted three key business drivers which are outside of our control. Market movement. Amy has already detailed this. All major indices have fallen in the last six months, which in turn, by definition, has impacted asset values. Finally, consumer confidence, which is at its lowest level since the financial crisis and has had a known impact on investor confidence. Our internal tracking shows that this is now at one of the lowest levels that we've seen in several years. However, this is a huge opportunity for HL. We are the market leader, and we know, having navigated previous such conditions, that, one, things will improve, and two, that we've supported our clients through similar events and uncertain periods for many years, and each time we've come through stronger. This time will be no different. Nothing has changed that impacts the strategy that we announced in February, as we are a long-term business. Whilst we must be mindful and nimble around short-term headwinds, as we have been with costs, the execution of this strategy must not falter, because this strategy will deliver outstanding client service, strong growth and returns, and continued market leadership for HL. The only thing that has changed as a direct consequence of this environment is that our visibility on whether the timing of delivery of our targets has been impacted, and that will be influenced by when we have greater visibility on normalization in markets and related investor confidence as we outlined at the time of the Capital Markets Day. In the meantime, we are focusing on factors that we can control, which include the execution that we've set out and the timeframe for which we have the best visibility. With the theme of focusing on what we can control, I'm gonna pick up on two areas that I know that you're focused on, our GBP 20 billion net new business guidance and positive jaws. We know that this strategy can deliver the GBP 20 billion number because the net new business ambitions that we outlined in February were based on some fundamental growth drivers, which have not changed, and we continue to execute on what we can control. When markets return, we are strongly positioned to capitalize on our investment. If I briefly touch on these drivers. Firstly, we had assumed normal growth in the core business. Clearly, in current markets, we're not seeing normal. There is an impact on flows, trading activity and investor confidence. We expect to see a return to our typical 8% of opening AUA when confidence returns, and that will be supported by the launch of HL funds and continued client service enhancements in our digital proposition. Secondly, another driver of our net new business ambitions is the launch of our Augmented Advice offering. The pilot's on track for the end of the calendar year. We continue to expect to grow to around GBP 5 billion of flow through this new service for both new and existing clients over time, and I'm looking forward to sharing more about that proposition at our interims. Thirdly, from Active Savings, an existing proposition that's coming into its own now that base rates are rising. As Amy shared, we've already seen a step-up in flow in the last quarter, and we expect to see that growth continue as we evolve the proposition. We are confident that our work so far, and in FY 2023, will give us the infrastructure and the offering to achieve our net new business goal when markets normalize. Similarly, with our target of positive operating jaws, Amy's given very clear guidance for FY 2023 on costs and revenue margins. On costs, we have said that we expect underlying costs now to be lower in FY23 than we had implied at the Capital Markets Day in February, albeit with a modestly higher growth rate because of the lower FY22 starting point. We are controlling what we can to position us to deliver positive jaws. But on the revenue side of the equation, it's clear that it's impacted by the three macro factors that I mentioned. That's partly offset by our revenue margin guidance, which has increased as a result of higher interest rates. You can see our confidence in our strategy has not been impacted. I, my executive team, and all of my colleagues are absolutely focused on what we can control so that we are strongly positioned to deliver the metrics we set out as markets normalize. In summary, a year of good progress and execution. We have disciplined investment into 2023, and our eyes are firmly on the medium and the long-term prize whilst we manage that short-term turbulence appropriately. With that, should we open up to questions? Please press star one to register a question. Ben. Mic's not working, but I can talk. Hello. Good morning. Thank you so much for, you know, particularly now digging into the, you know, the three pillars of that, you know, potential 2026 number. I suppose the thing is the world has changed significantly, right, in terms of, you know, the economics for a lot of your customers. Could you perhaps give us just a little bit more granularity about the 10 that you hope for from the existing business and the five into Augmented Advice and potentially the five into Active Savings? I suppose I'm particularly interested in the existing business. You know, how you think you might get that return to the sort of 8% growth rate that you've seen for such a long period of time? Okay. Thanks, Ben. Well, look, the point that I'm making is there's a bunch of factors that we cannot control, and that's inherent in what you're asking about. Because market movement, all indices being down, Amy's gone through the detail of that. That's impacted asset values. Then you've got the impact of consumer confidence, which is at all-time lows, has an impact on investor confidence, which, as you know, is a measure that we look at. We can't control those. What we can control is what we've outlined in the strategy. As far as net new business is concerned, we are talking about launching new funds. Launched one, told you there's another one coming. We gave an insight into further ones coming after that. That we can control, we're delivering on. We've got GBP 100 million now in that default fund. Like that is because engagement is really key, and that's what we focus on. Second thing, augmented advice. We're gonna talk more about that at the interims. The pilot is on its way. That is really focused on engagement. Then the third thing, which is Active Savings, which, you know, I look at 2018 and say, "You know what? We were ahead of the curve," because we thought about one of this as the scenarios, and that is enabling us to capture flows, bring clients into Active Savings. What's going on in markets right now is short term. We know it will evolve and it moves. That's why I'm emphasizing the long-term trends, the secular trends, the move from defined benefit to defined contribution, the impact of auto-enrollment, low interest rates. By long-term standards, they are low interest rates. It's a very complex savings environment. We saw through the pandemic more people get to grips with this. It's being pushed. The demand comes through digital engagement. That's how you get out there and you really make an impact across the market. That's why we're investing in the brand and awareness, 'cause these are the things that are really important to clients. What we're doing is we are positioning the business and enhancing the service that we provide. When these market conditions evolve, and we can all talk about when we think they'll evolve, and I'll be keen to hear your thoughts, but we all know and agree we'll get through those, so we'll get back to normal. When we get back to normal, those fundamental drivers are the ones that will push and grow. This is a GBP 3 trillion market. It's gonna grow to GBP 4 trillion by 2026, and it's gonna grow from there. That's how we're focused on what we're delivering. Can't control this stuff in the short term. Can control how we execute on the market, and that execution on the strategy, and that's what we're doing. Andrew. Thanks. Morning. It's Andrew Sinclair from Bank of America. Three from me, if that's okay. We'll go one at a time if you want. Firstly was just what's assumed in the base for base rates in the cash margin guidance, and if your assumptions for that pulls through, would we expect that margin to go higher still in FY24? I'll stick on Active Savings. Sorry, stick on cash, but this time to Active Savings. I think flows were definitely strong and seem to be going in the right direction, but how are margins evolving on Active Savings? What's your outlook there? Thirdly was just on the other revenues bucket. That's been maybe ticking down a little bit. It seemed to be a chunk lower again in the last six-month period. Just, if you can give us some color of what's going on there. Sure. Thanks, Andrew. On base rate guidance, clearly it's tricky doing your results the day after the Bank of England make their announcement, hence our 90-110 range being quite broad, and that anticipated that we would probably come in somewhere between 25 and 50. Given yesterday's news, that pushes us closer towards the top end of that range, and we'd expect to get there sort of as we progress through the Q1 of the year. Clearly, as we look forward, understand the expectations in the market of further rate rises, and we will see some benefit from that. Clearly, as base rates continue to move up, we have a tiering strategy, and we will pass an increasing percentage of that through to clients. We don't specify that. Obviously, it depends on a number of factors. After each rate rise, we do a review. We make sure that we're doing the right thing for our clients. We're looking at a number of different factors, and based on that, then we'll make a decision on what the next level of pass-through is. As we did in the last quarter, as we understand the trajectory, if there is different guidance to give, then we'll give that as we update, as we go through the course of the year. Active Savings? Yeah. Second question on Active Savings. You know, we've talked about the fact that it is relatively low margin. We're not making any heroic assumptions on that changing materially going forward. We really like the product because of what it does for us and what it does for our clients in terms of retention. Seeing flows coming onto the platform and going into Active Savings makes a lot of sense. That's clients, you know, feeling perhaps nervous about going into the market, but wanting to have the cash available, earning a return while they cross their fingers and hope that we see markets start to perform better. Not making major margin assumptions, but we think for us it's a great retention tool, and we're starting to see the benefit of that also bringing new clients to the platform. Then your last question, Andrew, on other revenue. Mentioned briefly, we no longer bill for paper billing charges, and that's sort of order of magnitude GBP 4 million of revenue in the prior year. That explains the year-on-year step down. Thanks. Thank you. I'd like to stick with Active Savings if possible. You, I think you mentioned in your presentation that 14% of the inflows there were coming from external new clients to the group. Just wondering, as you start your marketing campaign, what are you sort of thinking and hoping for in terms of, you know, the share of the flows that are coming from external clients? Leading on from that, do you see any scope to upsell the higher margin core product to these clients? Do you think the vast majority of those clients are likely to be sort of cash only and therefore not interested in the core product? On your first question regarding share of flow and where we're hoping to get to, well, it's pretty early days, so we've only been marketing in the last quarter. It's a little early to be giving you guidance on what we're expecting, but we're pretty optimistic that given the direction of travel with rate rises and given the level of brand awareness that HL has out there in the market, that we should expect to continue to attract, you know, new investors to the platform and their first move being cash. The upsell. Absolutely. Having captured these new clients, very much our intention to make sure that they're fully aware of the range of products and services that they can take advantage of with us. We've got a great digital marketing business. We think we get comms with our existing clients and potential new clients right. We think that gives us a good avenue of opportunity to convert those early cash savers into investors as market confidence starts to come back. Hayley. Thank you. Sticking with the recurring theme of Active Savings, I think we all agree that's gonna be really important for fund flows this year, given the market environment. I'm sorry to ask, but what actually is the margin on Active Savings right now? I'm not sure that I know what that is. The GBP 0.7 billion of flow you saw in Active Savings in Q4, certainly my interpretation is you're very confident it will grow from that level. I just wanted to confirm that was the case. To change the topic to ask instead about costs. The 9.5%-11.5% cost growth that you're putting on underlying for this year and the guidance, I think if you take the cost savings into account, that's maybe about 5% benefit. Am I right in thinking of it that way? Could you maybe give us some idea of how much of that, perhaps 15%-17% growth is actually wage inflation, so we could think about it longer term as well? Thank you. Quite a lot of questions there. I'll see if I've covered all of them, and you'll tell me if I haven't, Hayley. Margins on Active Savings are high single-digit at the moment. Hence, you know, not breaking out that revenue line separately yet. Obviously, as the product evolves and as the scale of that business evolves, then we'll give you a little bit more granularity on the revenue margin that it's generated. Are we expecting to continue it to grow from here? As I say, it's early days. You know, we have only just started marketing the product, so we're pretty optimistic about what Active Savings will do through the course of the year ahead. On costs, yes, your interpretation of the year-on-year underlying growth is the right one. From a wage inflation point of view, we're just at the beginning of our new cycle internally. It reflects the pay award that we've made in the organization, where actually we've made a 5% pay award, but we've structured it so that it's very much weighted towards those of our colleagues who are at the lower end of our pay scale. We have taken that into account, and it takes into account the fact that we've been adding FTE through the course of the last year. We've got some cost annualization that we're expecting to see in the course of the year ahead. Andy. Morning. Couple of questions. On HL funds margin, which is coming down, correct, clearly the guidance for 2023 is a movement from the old to the new. Where do you think the HL funds charging structure will be once you've got the new funds fully in and reprice some of the old funds? Secondly, given that Active Savings is such an important part of the GBP 20 billion in net flows, could you say where in your mind the top end of the charging is? I think when you first introduced it, you thought that maybe 25 basis points was the most you were gonna charge. It'd be good to get a sense of that, because that's gonna be quite a critical revenue driver. Thirdly, on the costs, what you've basically said is that your costs were lower in 2023 too, but because you're growing faster, but there's a bit more growth in 2023. The growth rate is increasing from your guidance in February, but you're still gonna have lower costs than you would guided to in 2023. Is the basis of that purely because trading costs have come down, or have you actually been paring away at the underlying cost base? If I take the HLFM margin question, when we talked to the Capital Markets Day, we said that we expected the direction of travel on HLFM margin to get to around 40 basis points. Obviously, there's a real mix of products in what we have currently and the new funds that will be launched, and it really depends on the take-up mix that we see from clients. You know, there'll be a low-cost core product in there which will have very low margin indeed, versus the multi-manager funds with a more complex range and a higher return aspiration where we'll see high range. 40 basis points is sort of the order of magnitude direction of travel that we've given. Active Savings. Yeah, Andrew, you're right. We talked about 25 basis points, and given what Amy's just said, we've still got some way to go to get towards that. I'm not gonna call a ceiling. I think we would expect to see it grow. It's grown from where it's at currently. It has been growing or it has grown, given rates of increase. There's been some flow through into that. What I've always said about Active Savings is to get it in growth mode and get the assets in. You know, we've got GBP 4.9 billion in there. I regard that as being a good start. What we did say at the Capital Markets Day was, you know, we've managed to do that since 2018 in a falling interest rate environment. Now we've got a rising interest rate environment, and the service works really well, so we'll start pushing it out. Clearly, we've been doing that for a quarter, and it's worked really well. The thing about Active Savings, I think, is we are learning about it all of the time. The margin that we make depends upon our assessment of how we sit between clients and between the banks, and we recognize that the value that we bring to both sides, and therefore there's plenty for us to learn as we progress. Where we are at the minute is not where I think we will remain. I'm obviously expecting to see an increase, but I'm not gonna be any more specific than that. I guess to be clear, on Active Savings, we don't charge clients, so it's implied in the rate. Yep. Andrew, your cost question. Clearly there is an element of, as I set out in the presentation, there's an element of variability in our cost base, which does follow activity. Given the market backdrop and given the growth that we've seen in costs in the business over the course of the last few years, I am very focused on cost control and the underlying cost of the business have been and will continue to be. The result of the delta on costs compared with where you saw it, is that entirely down to the activity? No. No. Got a question on the front there. Thanks. Ria Shah, Deutsche Bank. Two questions. Going back to your investor confidence survey, what is it showing for July? And is there any? Are you able to tell us about the timing between what customers are feeling and how they're reacting with putting in flows or taking out flows? Back to Active Savings again. That 14% of new money that's coming from new clients, what proportion of those clients have invested in your core products away from cash or Active Savings so far? I'll take the first one. Around investor confidence. Investor confidence for us has always been an interesting measure, and you can see over time how it correlates to flows and confidence, which then leads to an understanding of direction of investment. Amy's talked about the insight that we have in terms of how and where clients invest, and she's talked about the move, the shift investment trust, global, U.S., all of those impacts. You've got The Investment Association, Calastone data that came out, I think it was yesterday, in terms of outflows U.K., outflows overall. Areas of interest for clients at the moment are not U.K., and they are global, and you can see that in some of the longer-term trends that Amy's talked about. I think at the minute, clients are behaving entirely logically, entirely as you would expect them. I mean, you know, that GBP 15 billion of cash that Amy put up there on the slide, that tells you that clients are being cautious. They put cash onto the platform, and they're waiting until their confidence improves, then we will see that cash start to move from sitting as cash into investments, but that is not right now. The behavior that we've seen through this year and the slide that Amy put up in terms of activity, very, very compressed around tax year-end. This was the second-best tax year-end that we've ever had. Clients want to use up their tax-efficient allowances. That is completely logical. Clients, like all of us, can look at the external conditions and go, "I'm not sure that I'm ready to actually invest that money yet," so it sits within cash. We sit here, and we look at that data, we look at the trends, and we see where clients are investing, and we're focused on engaging and talking to them. What are they interested in right now? Inflation. Any content that we put out around inflation now, it gets absolute engagement, attention and then engagement from clients. But to see the shift in the behavior, well, this is my point. We can't see exactly when that's coming. I don't think anyone can see where it's coming. We know that it's short term, so we are focused on what we can control and execute. This is why I talk about the strategy. You know, Amy's referred to some of the funds that we are then launching because these are what clients want.