Barclays boss predicts biggest economic boom since 1948 for Britain

The United kingdom will enjoy its strongest 12 months of advancement because present day records started in 1948 as the financial state surges again to existence immediately after a rapid vaccine rollout, the boss of Barclays has predicted.

Jes Staley explained he expects the United kingdom to have a really robust recovery together with the US, publishing its most important rebound for many years on the again of a publish-lockdown shopper shelling out spree.

He explained: “Our economic forecast is for the United kingdom financial state to increase by 6.5pc this 12 months, which would be the strongest advancement price in the British financial state because 1948. 

“There is certainly huge pent-up demand, equally with the shopper and small corporations, and we see that as a result of the vaccination programme, which has been an amazing achievement in the United kingdom.”

It arrived as Barclays unveiled pre-tax gains of £2.4bn for the initially quarter of the 2021, their highest level in 13 decades.

The robust functionality was driven by strong advancement in its company and expense banking division and bumper house loan lending immediately after dwelling prices took off subsequent Chancellor Rishi Sunak’s stamp duty slash.

Barclays’ share trading floor conquer forecasts in the initially quarter all through a period of wild swings on the inventory industry, regardless of a weaker functionality elsewhere 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 motivation to support the economic recovery.

“From our invest details, which captures United kingdom economic activity across our playing cards and attaining corporations, we are previously viewing encouraging early indications of recovery in some sectors, which includes those strike hardest by the disaster.”