Barclays boss predicts biggest economic boom since 1948 for Britain

The British isles will delight in its strongest yr of progress considering that contemporary documents began in 1948 as the economy surges back to daily life right after a speedy vaccine rollout, the boss of Barclays has predicted.

Jes Staley explained he expects the British isles to have a really sturdy recovery together with the US, submitting its major rebound for decades on the back of a post-lockdown consumer shelling out spree.

He explained: “Our financial forecast is for the British isles economy to grow by 6.5pc this yr, which would be the strongest progress rate in the British economy considering that 1948. 

“There’s remarkable pent-up need, both of those with the consumer and modest companies, and we see that as a result of the vaccination programme, which has been an remarkable good results in the British isles.”

It came as Barclays unveiled pre-tax profits of £2.4bn for the initially quarter of the 2021, their greatest level in thirteen several years.

The sturdy overall performance was driven by strong progress in its corporate and investment banking division and bumper mortgage lending right after residence prices took off pursuing Chancellor Rishi Sunak’s stamp duty slice.

Barclays’ share trading floor beat forecasts in the initially quarter through a period of wild swings on the inventory market, inspite of a weaker overall performance in other places in the bank’s marketplaces division. 

Mr Staley explained: “As we enter the future period of this pandemic, we continue to be resolute in our commitment to support the financial recovery.

“From our commit data, which captures British isles financial action across our cards and acquiring companies, we are by now looking at encouraging early indications of recovery in some sectors, which includes those people hit hardest by the crisis.”