Income statement
| Note |
2008 £m |
2007 £m |
|
|---|---|---|---|
| Income | |||
| Dividends received from subsidiaries | 1,796 | 2,568 | |
| Interest receivable from Group companies | 151 | 158 | |
| Net investment (expenses/income) | (141) | 4 | |
| 1,806 | 2,730 | ||
| Expenses | |||
| Operating expenses | B | (112) | (193) |
| Interest payable to Group companies | (992) | (944) | |
| Interest payable on borrowings | (289) | (232) | |
| (1,393) | (1,369) | ||
| Profit before tax | 413 | 1,361 | |
| Tax credit | C | 383 | 356 |
| Profit after tax | 796 | 1,717 |
Where applicable, the accounting policies of the Company are the same as those of the Group. The notes (identified alphabetically) are an integral part of these separate financial statements. Where the same items appear in the Group financial statements, reference is made to the notes (identified numerically).