PRESS DIGEST- Financial Times - May 10

The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy. Headlines

- Bank of England rate setter warns UK inflation 'uncomfortably high' https://on.ft.com/37AswVW - BAE Systems and Rolls-Royce win 2 bln stg UK nuclear deterrent contracts https://on.ft.com/3kYI7lb

- UK Treasury explores replacing capital spending allowance https://on.ft.com/3vWNmYH - Morrisons wins battle for crisis-hit British convenience group McColl's https://on.ft.com/37vMxg9

Overview - Michael Saunders, one of the Bank of England's interest rate setters has warned that inflation pressures are "uncomfortably high" and if the central bank fails to rein these in, it would be "very costly" for the British economy.

- BAE Systems and Rolls-Royce have won defence contracts worth more than 2 billion pounds ($2.47 billion) as the UK moves ahead with the 31 billion programme to renew its nuclear deterrent. - British ministers have launched a consultation into replacing the temporary capital spending allowance that runs out next year, as concerns grow about companies' ability to invest due to the impact of fast rising inflation.

- Wm Morrison on Monday said it would buy convenience store chain McColl's out of administration after winning the battle with a last-minute offer that beat a rival bid from petrol station operator EG Group. ($1 = 0.8097 pounds) (Compiled by Bengaluru newsroom)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)