Flop of the shops – This is Money podcast

This is Money Podcast

This is Money

Business, Investing, Business News, News

4.4 • 735 Ratings

🗓️ 5 February 2016

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

It’s been a couple of years since Tesco got found out.

The store that thought it could get away with whatever it wanted because customers, it said, ‘wanted its cheap prices’ was embroiled in an accounting scandal in 1994. And the problems continue.

Were Tesco’s prices really cheaper? You can ask the customers it has lost to low-cost rivals Lidl and Aldi about that.

It’s also losing customers to online rivals as the internet provides what the High Street can’t – 24 hour opening, among other things.

Tesco is back in the news:

For a report that showed it deliberately and systematically mis-treated suppliers by delaying payments and manipulating the terms of its deals.
Perhaps bizarrely because it’s going to scrap 24 hour opening in more than 70 of its stores.
It’s also about to slash the pay of staff who work unsociable hours.

It’s not alone. Wilko (aka Wilkinson) is also cutting double time for unsociable hours – effectively a 25% pay cut.

Shops face a tough time. Jobs are at risk across the retails sector.

They are at banks too.

Join This is Money Editor Simon Lambert, Consumer Affairs Editor Rachel Rickard Straus and Share Radio’s Georgie Frost for an enlightening look at the future of shopping and banking.

Also on the show:

Interest rates remain unchanged again – but because of a quirk of the calendar it’s ‘mildly thrilling’ this time even if the policy is ultimately counterproductive

Hacking is now so easy a three-year-old can do it. Is your internet security toddler and mafia proof?

The Royal Mint has royally ripped off customers by refusing to honour ‘legal tender’ – or money to use its common name

It wouldn’t be a This is Money podcast without a controversial buy-to-let story. This one involves lawyer and former ‘first lady’ Cherie Blair and unhappy taxable landlords

In happy news…

Simon has a piece of the Berlin Wall.

But lost it.

#berlinwall

Email us hello@dmgmedia.co.uk

Text us 020 7938 6000.

Hosts: Georgie Frost, Simon Lambert, Lee Boyce, Helen Crane

Producer: Georgie Frost

Hosted on Acast. See acast.com/privacy for more information.

Transcript

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0:00.0	A very warm welcome to This Is Money in Share Radio podcast with NS&I.
0:13.0	I'm Georgie Frost here with you on DAB online and through the Share Radio mobile app every weekday from 9 until midday sharing ideas about money.
0:21.4	I'm joined today by editor Simon Lambert and personal finance editor Rachel Rickard Strauss from
0:26.5	the award-winning This Is Money to talk through some of the stories on their website that
0:30.2	they've been investigating over the last seven days.
0:32.9	And coming up.
0:43.9	They say, coming up. Super Thursday or Groundhog Day.
0:47.0	The Bank of England this week held interest rates are that record low for the 83rd month.
0:53.1	The announcement was part of the third instalment of the bank's
0:56.5	new triple whammy rates event. Mildly thrilling is what Simon calls it. Didn't live up to
1:02.2	the hype.
1:03.2	For the first time, since last summer, you have a unanimous decision at the Bank of England
1:07.5	to leave rates on hold.
1:08.5	Interest rate markets are actually considering the question of an interest rate cut.
1:12.5	The overall pace of growth in the United Kingdom is expected to dip below past averages this year.
1:18.2	Sicking with the global economy, we're seeing large-scale job losses across a number of sectors at the moment.
1:23.4	Oil, retail and, of course, banking. How concerned should we be?
1:27.0	Obviously, there's those in charge
1:28.8	of the banks that are behaviourally. These job losses will be in the foot soldiers. People who are
1:33.9	really innocent of anything except going to work each day. Also today, very little helps. What a week
1:40.1	or so for Tesco in big trouble for putting their own interests before suppliers,
1:44.8	cutting overtime and Sunday pay for staff.
	...

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