Where is the missing �1

Three people check into a hotel.
They pay �30 to the manager and go to their room.
The manager suddenly remembers that the room rate is �25 and
gives �5 to the bellboy to return to the people.
On the way to the room the bellboy reasons that �5 would be difficult
to share among three people so he pockets �2 and gives �1 to each person.
Now each person paid �10 and got back �1.
So they paid �9 each, totalling �27.
The bellboy has �2, totalling �29.
Where is the missing �1?