Santander Uk 6-K 2018 H1 Current report (foreign)

Exhibit 7.1

Computation of Ratio of Earnings to Fixed Charges

(i) Excluding interest on retail deposits

	Six months ended June 30						Year ended December 31
	2018			2017			2016			2015			2014
	£m			£m			£m			£m			£m
Profit on continuing operations before tax		903			1,814			1,914			1,342			1,399
Fixed charges: interest expense (B)(1)		574			919			1,076			1,146			1,291
Preference security dividend requirements of consolidated subsidiaries		(18	)		(37	)		(30	)		(23	)		(40	)
Earnings before taxes and fixed charges (A)		1,459			2,696			2,960			2,465			2,650
Ratio of earnings to fixed charges (A/B)		254			293			275			215			205

(ii) Including interest on retail deposits

	Six months ended June 30						Year ended December 31
	2018			2017			2016			2015			2014
	£m			£m			£m			£m			£m
Profit on continuing operations before tax		903			1,814			1,914			1,342			1,399
Fixed charges: interest expense (B)(1)		1,190			2,102			2,885			3,120			3,363
Preference security dividend requirements of consolidated subsidiaries		(18	)		(37	)		(30	)		(23	)		(40	)
Earnings before taxes and fixed charges (A)		2,075			3,879			4,769			4,439			4,722
Ratio of earnings to fixed charges (A/B)		174			185			165			142			140

Note

⁽¹⁾  Includes the amortisation of discounts and premiums on debt securities in issue.