This is driving me crazy so hopefully someone can point me in the right direction.
I'm including a merge field in some text and while it displays fine in browse mode, it doesn't in preview and I haven't ticked "Hide when printing".
Here's a bit of the layout (they are separate elements to allow different data formatting and truncated so you can't see all of the contents of the 3rd element)
here's the 3rd element fully expanded just in case
and here's Preview with arrows showing the missing merge fields. The £ sign is actually a merge field too and that's showing