Interim results - 6 months ended 30 June 2007
Operating and financial review
Pension fund deficit
At 30 June 2007, the Group's overall pension fund deficit less surpluses had reduced by £915 million to £58 million (gross of tax). This was mainly due to the favourable impact on the valuation of liabilities of a 40 basis point increase in the UK real discount rate (the difference between the discount and inflation rate) during the period.
