PRESS DIGEST-Financial Times - May 9

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

- UK manufacturers urge ministers to draw up an industrial strategy - UK energy suppliers urged to renegotiate costly contracts with small businesses

- UK biotech startup Ascent raises $130 million - UK inflation holds back demand as consumers spend more on less

Overview - UK's manufacturers have appealed to the government to draw up an industrial strategy, saying that the lack of a long-term plan is holding back growth and damaging UK's competitiveness.

- A trade body has said that energy suppliers and smaller business in the UK should renegotiate their fixed contracts to reflect the drop in wholesale prices in recent months. - Biotech group Ascend has raised $130 million to buy manufacturing facilities and expert teams from cash-strapped cell and gene therapy startups in the sector.

- British consumer spending grew at around half the pace of inflation as increasing prices reduced demand, a British Retail Consortium survey showed on Tuesday. (Compiled by Bengaluru newsroom)