What is usually missed is the UK has a massive non for profit...

What is usually missed is the UK has a massive non for profit operator to that slashed prices materially overnight. We don't have there here so the UK is not the best analogy as bearish as I am, I don't think its something to expect (caveat being ACCC of gov inquiry which I doubt will happen). However, IVC have stated that prices on core products (i.e. caskets) are tapped out and its about adding additional services which are lower margin anyways. Rather than overnight cuts, it may be death by a 1000 cuts on pricing of core products. This in part is likely contributed by groups looking to drive price comparisons/itemising services. To grow revenue per case its about capturing more of the value chain rather than price inflation. Given the comments made by IVC, I think more questions the benefit from price in the 10 year forecasts supporting the P&G plan. IF that's the case, the long term benefits and ROE on the spend is less attractive.