Think here it's more seen as a financing deal/loan to buy the phone for folks who can't afford it outright and so there's effectively an interest charge.
I pay £51 a month for 4 sims with 100GB data and unlimited voice/texts. 5G allegedly but that is just a fake concept in my experience.
And it's on O2 which means 500MB of data would be enough as the signal is shit pretty much everywhere I go.
Will be switching back to the EE network soon as contract ends (probably to 1p Mobile that tricky mentions).