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| "The actions we have taken to improve efficiency and lower our cost base mean we are confident that our results are sustainable into the future" |
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Corporate costs
Corporate costs were higher at £94 million (2003: £56 million) in line with a planned increase in costs associated with our global finance transformation programme (GFTP). Our considerable investment in this project is in response to the significant changes we face arising from Financial Services Authority and European Union regulation, and the introduction of International Financial Reporting Standards in 2005.
Total GFTP costs in 2004 are expected to be around £100 million as previously indicated, with costs expected to be significantly lower in 2005. |
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