Barclays boss predicts biggest economic boom since 1948 for Britain

The United kingdom will appreciate its strongest yr of expansion considering that modern documents began in 1948 as the financial state surges back again to lifetime immediately after a immediate vaccine rollout, the boss of Barclays has predicted.

Jes Staley said he expects the United kingdom to have a pretty sturdy restoration along with the US, publishing its largest rebound for decades on the back again of a article-lockdown purchaser paying out spree.

He said: “Our economic forecast is for the United kingdom financial state to increase by six.5pc this yr, which would be the strongest expansion amount in the British financial state considering that 1948. 

“There is certainly tremendous pent-up demand from customers, both with the purchaser and smaller enterprises, and we see that as a final result of the vaccination programme, which has been an incredible accomplishment in the United kingdom.”

It came as Barclays unveiled pre-tax gains of £2.4bn for the to start with quarter of the 2021, their best level in 13 a long time.

The sturdy general performance was pushed by strong expansion in its corporate and investment decision banking division and bumper home finance loan lending immediately after household charges took off subsequent Chancellor Rishi Sunak’s stamp responsibility reduce.

Barclays’ share trading floor beat forecasts in the to start with quarter for the duration of a time period of wild swings on the stock market, irrespective of a weaker general performance in other places in the bank’s marketplaces division. 

Mr Staley said: “As we enter the next section of this pandemic, we continue to be resolute in our dedication to guidance the economic restoration.

“From our shell out details, which captures United kingdom economic action throughout our cards and obtaining enterprises, we are previously looking at encouraging early signs of restoration in some sectors, together with those hit hardest by the crisis.”