Business news in brief
‘Catastrophic’ rates cuts for saving accounts
Average savings rates for easy access, fixed bonds and ISAs are at their lowest levels since records started in 2007, according to a financial information website. The cash savings market has suffered a “catastrophic” impact amid economic uncertainties surrounding the coronavirus pandemic and two Bank of England base rate cuts in March, Moneyfacts.co.uk said. The average easy access account rate on the market in June offers savers a paltry 0.3 per cent – around half of the typical 0.59 per cent rate available in January. A typical easy access cash ISA does not pay much more – at 0.45 per cent. The average easy access ISA rate was 0.85 per cent in January. PA
Metro Bank in talks to buy RateSetter
RateSetter is the subject of takeover talks from Metro Bank, which has confirmed it is looking to buy the peer-to-peer lender for an undisclosed fee. A spokesperson for the bank said: “The company regularly assesses various opportunities in the market and accordingly confirms that it has entered into a period of exclusivity with RateSetter, but discussions regarding the potential acquisition are at an early stage.” The spokesperson added: “RateSetter is a UK-focused peer-to-peer lender whose distribution platform could accelerate the company’s stated strategy to grow its unsecured consumer lending book.” PA
Easyjet boss would ‘feel 100% safe’ on packed planes
Johan Lundgren, chief executive of easyJet, has insisted he would “feel 100 per cent safe” on packed planes after the airline restarted operations for the first time in 11 weeks. He said the Luton-based carrier took guidance from international regulators to develop an enhanced safety and hygiene regime ahead of its resumption of flights yesterday. Passengers and crew are required to wear masks, aircraft are regularly deepcleaned, and disinfection wipes and hand sanitiser are being made available. PA
‘Third of Britons targeted by scam during lockdown’
One in three Britons has been targeted by scammers since lockdown began, new research suggests. Citizens Advice has seen a 19 per cent increase in the number of people visiting its website for advice, as well as calls from members of the public concerned about bogus testing kits, vaccinations and government refunds. According to a survey by the charity, more than a third (36 per cent) of adults have been confronted with a scam – though the most vulnerable appear to be suffering most. PA
Boss of Bullring and Brent Cross shopping centres quits
The chair of struggling shopping centre owner Hammerson has announced he will quit on the same day its sites, including Birmingham’s Bullring and Brent Cross in north London, reopened non-food stores for the first time since lockdown. David Tyler said he would quit no later than 1 October and be replaced by former Land Securities chief executive Rob Noel, the company confirmed. The decision comes less than a month after chief executive David Atkins quit, following years of over-expansion that has left the business with a massive financial black hole. PA