![]() BAE Systems has also been named in the complaint. Rolls-Royce shares are under pressure on the back of reports that the Indian government took out a criminal complaint against the business over the sale of Hawk jets to the country back in 20. On the fallers Ocado is lower as it gets set drop through the trapdoor into the FTSE 250, while we’re also seeing weakness in food retailers and suppliers with Unilever and Reckitt Benckiser also underperforming, with Unilever announcing the retirement of its CFO Graeme Pitkethly. While one can sympathise with the government’s desire to ease the cost of living, they might want to look a little closer to home as to the reasons why prices in general are as high as they are, starting with domestic energy policy, which has been a cornucopia of policy failures over the last 20 years. In any case, price controls have never worked as the UK’s experience of the 1970s will testify, and only serve to drive scarcity, which keeps prices higher for longer, as anyone with a basic economics education will tell you. The latest consumer survey from the British Retail Consortium showed that inflationary pressures remained elevated in May, particularly in food, where at the weekend it was being reported that the government was talking to supermarkets about price controls on some basic food price items. The FTSE 100 has had a negative start to the week, slipping lower on the back of weakness in the consumer staples and energy sector, as recession risks rise. ![]() European markets have had a largely negative bias throughout the day as investors, having absorbed the weekend deal between House Republicans and the White House, now look to whether the deal has the votes to pass through the respective legislative houses. It could well be that arriving at a deal was the easy part, with partisan interests on both sides threatening or delaying a positive vote into legislation, ahead of the new 5 June deadline.
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