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Notes to the consolidated financial statements
Year ended 31 July 2007
38. Operating lease commitments
Future minimum lease payments under non-cancellable operating leases for the following periods are:
| 2007 | 2006 | |
|---|---|---|
| £m | £m | |
| Within one year | 238 | 199 |
| Later than one year and less than five years | 611 | 533 |
| After five years | 445 | 372 |
| Total operating lease commitments | 1,294 | 1,104 |
Operating lease payments represent rental payable by the Group for certain of its properties. Some of these operating lease arrangements have renewal options and rental escalation clauses, though the effect of these is not material. No arrangements have been entered into for contingent rental payments.
The total minimum sublease payments expected to be received under non-cancellable subleases at 31 July 2007 is £18 million (2006: £8 million).