Barclays boss predicts biggest economic boom since 1948 for Britain

The Uk will appreciate its strongest yr of progress due to the fact present day documents began in 1948 as the economy surges back to life after a quick vaccine rollout, the manager of Barclays has predicted.

Jes Staley explained he expects the Uk to have a really sturdy recovery together with the US, submitting its major rebound for a long time on the back of a submit-lockdown client paying out spree.

He explained: “Our financial forecast is for the Uk economy to expand by six.5pc this yr, which would be the strongest progress level in the British economy due to the fact 1948. 

“You will find tremendous pent-up need, the two with the client and modest corporations, and we see that as a end result of the vaccination programme, which has been an extraordinary results in the Uk.”

It came as Barclays unveiled pre-tax gains of £2.4bn for the to start with quarter of the 2021, their greatest level in 13 many years.

The sturdy general performance was driven by strong progress in its corporate and expenditure banking division and bumper home loan lending after property charges took off following Chancellor Rishi Sunak’s stamp duty minimize.

Barclays’ share trading floor conquer forecasts in the to start with quarter during a period of time of wild swings on the stock marketplace, inspite of a weaker general performance in other places in the bank’s marketplaces division. 

Mr Staley explained: “As we enter the up coming phase of this pandemic, we continue to be resolute in our determination to guidance the financial recovery.

“From our invest facts, which captures Uk financial activity across our cards and attaining corporations, we are already seeing encouraging early indications of recovery in some sectors, such as all those strike toughest by the disaster.”