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Pensions - Investment strategy (Details) - GBP (£)
£ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Pensions    
Fair value of assets £ 99,545 £ 106,139
Fair value of liabilities £ 94,047 £ 100,835
Main Scheme    
Pensions    
Percentage of total plan assets 91.00% 90.00%
Equities 7.80% 8.40%
Index-linked bonds 37.70% 46.70%
Government bonds 18.40% 9.80%
Corporate and other bonds 22.00% 15.10%
Real estate 6.00% 4.40%
Derivatives 8.20% 8.80%
Cash and other assets (0.10%) 6.80%
Total 100.00% 100.00%
Percentage of collateral 112.00%  
Maximum percentage of indirect investment by trustees 5.00%  
Main Scheme | Swap    
Pensions    
Derivatives notional (£bn) £ 124,000 £ 192,000
Fair value of assets 2,642 4,573
Main Scheme | Inflation rate swaps    
Pensions    
Derivatives notional (£bn) 21,000 20,000
Fair value of assets 1,873 1,408
Fair value of liabilities 990 796
Main Scheme | Interest rate swaps    
Pensions    
Derivatives notional (£bn) 103,000 172,000
Fair value of assets 14,317 8,385
Fair value of liabilities 12,546 4,421
Main Scheme | Currency forwards    
Pensions    
Derivatives notional (£bn) 12,000 12,000
Fair value of assets 310 61
Fair value of liabilities 113 98
Main Scheme | Equity and bond call options    
Pensions    
Fair value of assets   1
Main Scheme | Equity and bond put options    
Pensions    
Fair value of assets 2 1
Fair value of liabilities 70 3
Main Scheme | Other    
Pensions    
Derivatives notional (£bn) 1,000 1,000
Fair value of assets 14 9
Fair value of liabilities £ 19 £ 10
Quoted    
Pensions    
Equities 0.10% 3.70%
Index-linked bonds 37.70% 46.70%
Government bonds 18.40% 9.80%
Corporate and other bonds 15.30% 10.70%
Total 71.50% 70.90%
Unquoted    
Pensions    
Equities 7.70% 4.70%
Corporate and other bonds 6.70% 4.40%
Real estate 6.00% 4.40%
Derivatives 8.20% 8.80%
Cash and other assets (0.10%) 6.80%
Total 28.50% 29.10%