Barclays boss predicts biggest economic boom since 1948 for Britain

The United kingdom will get pleasure from its strongest 12 months of progress due to the fact modern documents began in 1948 as the overall economy surges again to daily life right after a fast vaccine rollout, the manager of Barclays has predicted.

Jes Staley stated he expects the United kingdom to have a quite robust recovery together with the US, submitting its biggest rebound for decades on the again of a post-lockdown consumer expending spree.

He stated: “Our economic forecast is for the United kingdom overall economy to develop by six.5pc this 12 months, which would be the strongest progress rate in the British overall economy due to the fact 1948. 

“There is large pent-up demand, both equally with the consumer and tiny organizations, and we see that as a result of the vaccination programme, which has been an incredible success in the United kingdom.”

It arrived as Barclays unveiled pre-tax earnings of £2.4bn for the to start with quarter of the 2021, their best degree in thirteen decades.

The robust overall performance was driven by strong progress in its company and financial commitment banking division and bumper home loan lending right after residence charges took off adhering to Chancellor Rishi Sunak’s stamp obligation slash.

Barclays’ share trading floor defeat forecasts in the to start with quarter during a period of time of wild swings on the inventory current market, despite a weaker overall performance in other places in the bank’s markets division. 

Mr Staley stated: “As we enter the next period of this pandemic, we stay resolute in our dedication to help the economic recovery.

“From our devote knowledge, which captures United kingdom economic exercise across our playing cards and acquiring organizations, we are currently looking at encouraging early indicators of recovery in some sectors, which includes these hit toughest by the crisis.”