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Finance cost (Tables) | 12 Months Ended
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Dec. 31, 2022
Finance cost |
Summary of finance cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | Note | ​ | £m | ​ | £m | ​ | £m
Hedged interest payable on medium-term notes issued1 |  | ​ |  | 39 |  | 10 |  | 16
Interest payable on bank loans and overdrafts1 |  | ​ |  | 5 |  | 3 |  | 3
Interest payable on RCF1 |  | ​ |  | 1 |  | 1 |  | 5
Interest payable on foreign exchange swaps2 |  | ​ |  | 19 |  | 14 |  | 9
Interest payable on leases |  | B4 |  | 10 |  | 6 |  | 7
Amortisation of discount on provisions |  | ​ |  | 3 |  | — |  | —
Fair value loss on hedge ineffectiveness |  | ​ |  | 2 |  | — |  | 8
Fair value adjustment on debt repayment |  | ​ |  | — |  | — |  | 4
Fair value loss on other derivatives3 |  | ​ |  | — |  | — |  | 26
Total finance cost |  | ​ |  | 79 |  | 34 |  | 78
1. | Interest expense on financial liabilities held at amortised cost.
2. | Interest payable on foreign exchange swaps including coupon interest payable for the year was £26m (2021: £17m). £8m has been reported in other comprehensive income due to hedge accounting (2021: £4m).
3. | Fair value loss on other derivatives relates to $335m SBU entered into since February 2019 ($170m in February 2019 and $165m in July 2019) which did not qualify for hedge accounting. The instrument provided an annual interest benefit of 1.9% of the outstanding principal and was closed out in August 2020 with a full-year loss of £26m excluding interest accrued.

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