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Finance cost

12 Months Ended

Dec. 31, 2023

Finance cost

Finance cost

C8. Finance cost

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​	​	​	​	​	​	​	​	​
​		​		2023		2022		2021
​	​	Note	​	£m	​	£m	​	£m
Hedged interest payable on medium-term notes issued1		​		61		39		10
Interest payable on bank loans and overdrafts1		​		42		5		3
Interest payable on RCF1		​		3		1		1
Interest payable on foreign exchange swaps2		​		44		19		14
Interest payable on leases		B4		25		10		6
Amortisation of discount on provisions		​		14		3		—
Fair value loss on hedge ineffectiveness		​		—		2		—
Total finance cost		​		189		79		34

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 £55m (2022: £26m). £12m has been reported in other comprehensive income due to hedge accounting (2022: £8m).

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- Definition

The disclosure of finance cost. [Refer: Finance costs]

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 10
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard
-URIDate 2023-03-23

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- References

No definition available.

+ Details

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