The £1 charge that you see is probably the ghost charge to make sure that the card is active and the information you have added are the correct details.
The reason why it's a ghost charge is because PayPal don't actually accept the payment it’s just a test charge. You will see this credited bank to your card statement shortly if it hasn't already shown up yet.
I hope this helps.
Let us know when you see the payment coming back, you might help other that are seeing the same on their statement.