22/10/2021

Tannochbrae

Built Business Tough

Barclays boss predicts biggest economic boom since 1948 for Britain

The United kingdom will take pleasure in its strongest 12 months of progress given that present day data commenced in 1948 as the overall economy surges back again to life after a quick vaccine rollout, the boss of Barclays has predicted.

Jes Staley said he expects the United kingdom to have a quite strong restoration together with the US, submitting its greatest rebound for decades on the back again of a post-lockdown customer investing spree.

He said: “Our economic forecast is for the United kingdom overall economy to grow by six.5pc this 12 months, which would be the strongest progress price in the British overall economy given that 1948. 

“You will find incredible pent-up demand from customers, both of those with the customer and compact companies, and we see that as a outcome of the vaccination programme, which has been an remarkable good results in the United kingdom.”

It came as Barclays unveiled pre-tax revenue of £2.4bn for the 1st quarter of the 2021, their greatest degree in thirteen several years.

The strong functionality was driven by strong progress in its corporate and expenditure banking division and bumper mortgage lending after dwelling charges took off adhering to Chancellor Rishi Sunak’s stamp obligation minimize.

Barclays’ share trading floor beat forecasts in the 1st quarter throughout a period of time of wild swings on the stock market place, regardless of a weaker functionality elsewhere in the bank’s markets division. 

Mr Staley said: “As we enter the next stage of this pandemic, we stay resolute in our commitment to assistance the economic restoration.

“From our expend data, which captures United kingdom economic action throughout our playing cards and attaining companies, we are presently viewing encouraging early signals of restoration in some sectors, including these strike most difficult by the crisis.”