**Exhibit      7.1**

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**Calculation of ratio of earnings to fixed charges**

**In accordance with UK GAAP**

| For the year ended 31 March                                                                                                      |   |   | **2004****£m** |   |   | **2003****£m** |   |   | **2002****£m** |   |   | **2001****£m** |   |   | **2000****£m** |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|
|                                                                                                                             |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |
| Profit before tax before adjustment for minority interests in consolidated subsidiaries or profits or losses from joint ventures |   |   | 334.4                |   |   | 323.9                |   |   | 304.9                |   |   | 271.8                |   |   | 403.5                |   |
| Less:                                                                                                                            |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |
|      Minority interests                                                                                 |   |   | 1.6                  |   |   | 2.3                  |   |   | 1.6                  |   |   | —               |   |   | —               |   |
|                                                                                                                             |   |   |                      |   |
|                                                                                                                             |   |   | 332.8                |   |   | 321.6                |   |   | 303.3                |   |   | 271.8                |   |   | 403.5                |   |
|                                                                                                                             |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |
| Fixed charges:                                                                                                                   |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |
|      Interest expensed                                                                                  |   |   | 277.2                |   |   | 249.8                |   |   | 227.3                |   |   | 213.1                |   |   | 192.2                |   |
|      Amortised premiums, discounts and capitalised expenses related to indebtedness                     |   |   | 0.5                  |   |   | 0.4                  |   |   | 0.3                  |   |   | 0.3                  |   |   | 0.3                  |   |
|      Interest portion in rental expense                                                                 |   |   | 5.3                  |   |   | 4.2                  |   |   | 3.9                  |   |   | 2.9                  |   |   | 3.3                  |   |
|                                                                                                                             |   |   |                      |   |
|                                                                                                                             |   |   | 283.0                |   |   | 254.4                |   |   | 231.5                |   |   | 216.3                |   |   | 195.8                |   |
|                                                                                                                             |   |   |                      |   |
| Total earnings available for payment of fixed charges                                                                            |   |   | 615.8                |   |   | 576.0                |   |   | 534.8                |   |   | 488.1                |   |   | 599.3                |   |
|                                                                                                                             |   |   |                      |   |
| Ratio of earnings to fixed charges                                                                                               |   |   | 2.2                  |   |   | 2.3                  |   |   | 2.3                  |   |   | 2.3                  |   |   | 3.1                  |   |
|                                                                                                                             |   |   |                      |   |

**In accordance with US GAAP**

| For the year ended 31 March                                                                                                      |   |   | **2004****£m** |   |   | **2003****£m** |   |   | **2002****£m** |   |   | **2001****£m** |   |   | **2000****£m** |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|--------|----------------------|--------|
|                                                                                                                             |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |
| Profit before tax before adjustment for minority interests in consolidated subsidiaries or profits or losses from joint ventures |   |   | 261.8                |   |   | 530.3                |   |   | 254.2                |   |   | 264.7                |   |   | 393.1                |   |
| Add:                                                                                                                             |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |
|      Amortisation of capitalised interest                                                               |   |   | 11.4                 |   |   | 10.5                 |   |   | 9.4                  |   |   | 8.4                  |   |   | 7.5                  |   |
| Less:                                                                                                                            |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |
|      Capitalised interest                                                                               |   |   | 61.8                 |   |   | 58.4                 |   |   | 47.9                 |   |   | 44.0                 |   |   | 46.3                 |   |
|      Minority interests                                                                                 |   |   | 1.6                  |   |   | 2.3                  |   |   | 1.6                  |   |   | —               |   |   | —               |   |
|                                                                                                                             |   |   |                      |   |
|                                                                                                                             |   |   | 209.8                |   |   | 480.1                |   |   | 214.1                |   |   | 229.1                |   |   | 354.3                |   |
|                                                                                                                             |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |
| Fixed charges:                                                                                                                   |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |   |                 |   |
|      Interest expensed and capitalised                                                                  |   |   | 277.2                |   |   | 249.9                |   |   | 227.2                |   |   | 213.1                |   |   | 192.2                |   |
|      Amortised premiums, discounts and capitalised expenses related to indebtedness                     |   |   | 0.5                  |   |   | 0.4                  |   |   | 0.3                  |   |   | 0.3                  |   |   | 0.3                  |   |
|      Interest portion in rental expense                                                                 |   |   | 5.3                  |   |   | 4.2                  |   |   | 3.9                  |   |   | 2.9                  |   |   | 3.3                  |   |
|                                                                                                                             |   |   |                      |   |
|                                                                                                                             |   |   | 283.0                |   |   | 254.5                |   |   | 231.4                |   |   | 216.3                |   |   | 195.8                |   |
|                                                                                                                             |   |   |                      |   |
| Total earnings available for payment of fixed charges                                                                            |   |   | 492.8                |   |   | 734.6                |   |   | 445.5                |   |   | 445.4                |   |   | 550.1                |   |
|                                                                                                                             |   |   |                      |   |
| Ratio of earnings to fixed charges                                                                                               |   |   | 1.7                  |   |   | 2.9                  |   |   | 1.9                  |   |   | 2.1                  |   |   | 2.8                  |   |
|                                                                                                                             |   |   |                      |   |

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