  We report the spectral analysis of a long XMM-Newton observation of the
well-studied, moderate luminosity Broad Line Seyfert 1 galaxy NGC 5548. The
source was at an historically average brightness and we find the hard (3-10
keV) spectrum can be well fitted by a power law of photon index gamma ~ 1.75,
together with reflection. The only feature in the hard X-ray spectrum is a
narrow emission line near 6.4 keV, with an equivalent width of ~ 60 eV. The
energy and strength of this line is consistent with fluorescence from `neutral'
iron distant from the central continuum source. We find no evidence for a broad
Fe K line, with an upper limit well below previous reports, suggesting the
inner accretion disc is now absent or highly ionised. The addition of
simultaneous BeppoSAX data allows the analysis to be extended to 200 keV,
yielding important constraints on the total reflection. Extrapolation of the
hard X-ray power law down to 0.3 keV shows a clear `soft excess' below ~ 0.7
keV. After due allowance for the effects of a complex warm absorber, measured
with the XMM-Newton RGS, we find the soft excess is better described as a
smooth upward curvature in the continuum flux below ~ 2 keV. The soft excess
can be modelled either by Comptonised thermal emission or by enhanced
reflection from the surface of a highly ionised disc.
