July 21, 2024


Imagination at work

Barclays boss predicts biggest economic boom since 1948 for Britain

The British isles will love its strongest 12 months of progress considering that fashionable records commenced in 1948 as the economic system surges back again to lifestyle soon after a immediate vaccine rollout, the boss of Barclays has predicted.

Jes Staley explained he expects the British isles to have a quite sturdy restoration together with the US, publishing its most significant rebound for many years on the back again of a publish-lockdown consumer shelling out spree.

He explained: “Our economic forecast is for the British isles economic system to mature by six.5pc this 12 months, which would be the strongest progress price in the British economic system considering that 1948. 

“You will find great pent-up desire, both with the consumer and tiny companies, and we see that as a outcome of the vaccination programme, which has been an remarkable success in the British isles.”

It arrived as Barclays unveiled pre-tax income of £2.4bn for the 1st quarter of the 2021, their optimum degree in 13 several years.

The sturdy functionality was driven by strong progress in its corporate and investment banking division and bumper property finance loan lending soon after house price ranges took off pursuing Chancellor Rishi Sunak’s stamp responsibility slash.

Barclays’ share trading floor beat forecasts in the 1st quarter for the duration of a time period of wild swings on the inventory market, inspite of a weaker functionality in other places in the bank’s markets division. 

Mr Staley explained: “As we enter the upcoming phase of this pandemic, we continue to be resolute in our dedication to help the economic restoration.

“From our commit knowledge, which captures British isles economic exercise across our cards and getting companies, we are currently observing encouraging early signals of restoration in some sectors, such as individuals strike hardest by the disaster.”