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An improved dynamic model of the switched reluctance machine for use in design has been developed. The specific requirement was for the incorporation of iron losses, but a secondary benefit has been the inclusion of the magnetic interaction between phases. The work is described in two stages: (i) modelling of iron loss and its effect on current waveform in a rudimentary one-phase static SR machine, and (ii) the development of a dynamic model, including instantaneous torque, of a three-phase machine with eddy-current, hysteresis and additional iron losses. Both stages include experimental verification. Coupling between the phases through shared portions of the magnetic circuits and also through 'leakage flux' is included. Model results are compared with measured values for a three-phase, 12/8-pole motor.