A2 Net debt

Group2016
£m
2015
£m
At the start of the year5,924.05,515.9
Net capital expenditure681.6709.0
Dividends (see note 8)258.7249.4
Interest166.8174.6
Tax53.160.6
Fair value movements*42.4107.2
Inflation uplift on index-linked debt (see note 5)37.946.6
Other1.52.4
Cash generated from operations (see note A1)(905.5)(941.7)
At the end of the year6,260.55,924.0

* Fair value movements includes net fair value losses on debt and derivative instruments of £26.3 million (2015: £104.7 million), less £16.1 million (2015: £2.5 million) of net receipts on swaps and debt under fair value option (see note 5).

Net debt comprises borrowings, net of cash and short-term deposits and derivatives.