Business news in brief
FCA orders banks to warn expats about account closures
The City regulator has said it is engaging closely with banks about their plans for servicing British expatriates living in European countries after the Brexit transition period. Concerns were raised in September by the Treasury Committee about reports that customers of UK banks living in the European Union had received letters informing them that their current accounts will be closed once the transition period ends on 31 December. The Financial Conduct Authority and the Bank of England have written to chief executives of UK and international banks, saying customers should be treated fairly and given sufficient notice to make alternative arrangements if some services are reduced or ended. The letter says: “The ability of UK banks to continue providing some services to customers – particularly retail customers – resident in the EU will be determined by national regimes.” PA
Barratt bullish as homebuyer demand remains resilient
Housebuilder Barratt Developments has notched up a 24 per cent hike in sales since July as homebuyer demand remains strong since the coronavirus lockdown. The group said it agreed sales on 4,032 homes between 1 July and 11 October, up from 3,252 a year earlier. It expects to see a rise in completions to between 14,500 and 15,000 this financial year, with another 650 from joint ventures. Barratt chief executive David Thomas hailed “continuing strong customer demand” as the UK property market enjoys a mini-boom since lockdown, boosted by a stamp duty holiday on houses worth up to £500,000. House prices enjoyed their biggest annual rise for more than four years in September, according to the latest Halifax index. PA
Subsea cable brings zero-carbon power from France
A new subsea power cable to France has been launched, which will be able to provide enough zero-carbon electricity for a million British homes, National Grid has said. The 149-mile “interconnector”, which runs along the seabed between Portsmouth, Hampshire, and near Caen, Normandy, is being “energised” – allowing electricity to run through the cable for testing before going live. It is the fourth subsea interconnector to the continent and the second to France, and will enable the sharing of surplus clean energy between the two countries, the grid operator said. National Grid is also developing cables along the seabed to Denmark to access wind power, as well as Norway, to link up with hydropower supplies. PA
Homeworking increases security risks, report warns
UK businesses are more at risk from cyberattacks because of challenges posed by large-scale remote working, new research has warned. A report by the Ponemon Institute and Keeper Security found 60 per cent of those surveyed said their organisation had been hit by a cyberattack. Of those, almost a third (32 per cent) said the attacks were caused by compromised or stolen devices, while 57 per cent said they feel their current IT security budget is inadequate for managing the cybersecurity risks that come with staff working from home. The report, which includes a survey of more than 2,000 IT and IT security staff, also found 60 per cent believe the time it takes to respond to a cyberattack has increased because of remote working. PA
Bar owner condemns public complacency on Covid
An Armagh bar owner has hit out at public complacency about Covid-19 as fresh restrictions are introduced in Northern Ireland. Pubs and restaurants are to close for four weeks, with the exception of takeaways and deliveries, after the level of infection soared in Northern Ireland over recent weeks. Joanne Shilliday owns the historic Hole in the Wall bar, which only reopened last month. She said: “We all as a country need to do what we have to do. I completely understand that there is so much complacency with other people who are knowingly walking around after having Covid tests and spreading; other people not wearing masks.” PA