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The City View: Victoria Scholar on rising prices, unemployment and retail sales data; and XR cause Lloyd’s of London HQ shutdown

6 30 0
12.04.2022

Today Andy Silvester talks to Victoria Scholar, Head of Investment at Interactive Investor.

They go through some of the week’s economics data on GDP, unemployment, retail sales, and talk trading updates.

They discuss the latest from ASOS, Deliveroo, and EasyJet: ASOS is facing a raft of headwinds, as investors lose confidence in the online retailer; Deliveroo has recorded an uptick in orders compared to the same time last year; and EasyJet has been struggling to get staff in.

Andy also goes through the news — the UK’s accounting watchdog has ordered an investigation into Deloitte’s auditing of Go-Ahead Group; businesses have unleashed a wave of job cuts to avoid being hit by the National Insurance hike; and an Extinction Rebellion (XR) protest has caused the shutdown of Lloyd’s of London’s HQ.

Episode transcript (auto-generated)

Andy Silvester 0:08 Good afternoon and welcome to the City View podcast me Andy Sylvester and us are here at City a and in just a minute I’ll be joined by Victoria scholar from interactive investor we’ll have a quick look through the biggest stories of the day including each day job figures, retail sales updates, and also updates from a sauce delivery and EasyJet away from those stories however, and still plenty going on in the square mile today, the UK accounting watchdog launching today an investigation into Deloitte auditing of Go ahead group after the transportation company was heavily fined by the government for financial improprieties financial reporting council said this morning investigation will focus on the big four firms auditing of Go ahead between 2016 and 2021 godhood Deloitte spokesperson the company will cooperate to the fullest we’re committed to the highest standards of audit quality this in the statement. Meanwhile, the UK is audit watchdog itself is preparing to strengthen its powers to sanction Britain’s major accountancy firms the FRC, readying itself to take back control over the registration the UK auditing firms will give the authority new powers the stripped licences from companies that audit the UK’s major companies if they carry out poor quality work. Meanwhile, a London based Fintech is Bank of 50 million injection today as it looks to fill a funding gap for smaller trade focused firms. The fresh round for Stan which helps smaller trade firms access growth capital was led by us backers Centerbridge sends its valuation soaring to 900 million suggesting it will soon be yet another unicorn. On the London tech scene bosses said the cash will fuel the firm’s next stage of growth and businesses have unleashed a wave of job cuts it appears to cope with being hit by the National Insurance hike and in advance of energy prices going up even further the pipeline of redundancies has taken off in the last month alone triggered by firms scrambling to protect margins. Number of plant redundancies has more than doubled over the last month rising to over 18,000 in February. According to data from the insolvency service firms have to alert authorities of their plans to sec 20 or more staff and Lloyd’s of London insurance market forced to shut its iconic underwriting room today. For the first time since COVID-19. Wasn’t a pandemic this time. But the actions of climate protesters from extinction rebellion, they turned up at the lime street HQ this morning made it impossible to get in the building and spent much the rest of the afternoon outside dancing on the Richard Rogers designed staircases quite the scene. And it’s fair to say many brokers judging from my walk through Leadenhall market, lunchtime, enjoying the opportunity to have........

© City A.M.


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