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Lautro (G2)<br />Life Assurance and Unit Trusts Regulatory Organization, a London-based SELFREGULATORY ORGANIZATION. One of its earliest policies, in 1987, was to recommend a cut in the commission of independent agents on the sale of life bonds from 5.2 per cent to 3 per cent over a four-year period, harmonizing the commission with the rate for the sale of UNITTRusrs.<br /><em>See also:</em> Financial Services Act 1986
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M I (E4)<br />Non-interest-bearing components of the wide monetary base plus private sector non-interest-bearing sterling sight bank deposits (UK). Currency outside the Treasury, Federal Reserve Banks and vaults of depository institutions plus travellers' checks of non-bank issuers plus demand deposits of all commercial banks plus OTHER CHECKABLE DEPOSITS (USA).
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Barnett formula (H7)<br />A method of calculating UK public expenditure for the component coun tries of the UK introduced by Joel Barnett, Chief Secretary to the Treasury, in 1978. It was intended to bring about convergence in per capita spending but when it failed to do so was criticized for being too generous to Scotland.
credit tranche facility (F3)<br />An INTERNATIONAL MONETARY FUND lending facility to help a member country deal
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