The United kingdom will get pleasure from its strongest 12 months of growth since modern day documents started in 1948 as the overall economy surges back to lifetime following a fast vaccine rollout, the boss of Barclays has predicted.
Jes Staley stated he expects the United kingdom to have a pretty sturdy recovery together with the US, submitting its greatest rebound for many years on the back of a publish-lockdown shopper investing spree.
He stated: “Our financial forecast is for the United kingdom overall economy to grow by 6.5pc this 12 months, which would be the strongest growth rate in the British overall economy since 1948.
“There is certainly incredible pent-up need, both equally with the shopper and little enterprises, and we see that as a result of the vaccination programme, which has been an remarkable good results in the United kingdom.”
It arrived as Barclays unveiled pre-tax income of £2.4bn for the to start with quarter of the 2021, their greatest amount in thirteen a long time.
The sturdy efficiency was pushed by strong growth in its corporate and investment banking division and bumper mortgage lending following household charges took off subsequent Chancellor Rishi Sunak’s stamp obligation reduce.
Barclays’ share trading floor conquer forecasts in the to start with quarter throughout a period of wild swings on the inventory market place, even with a weaker efficiency elsewhere in the bank’s markets division.
Mr Staley stated: “As we enter the future phase of this pandemic, we continue to be resolute in our motivation to aid the financial recovery.
“From our spend information, which captures United kingdom financial exercise throughout our playing cards and attaining enterprises, we are already observing encouraging early signs of recovery in some sectors, like individuals strike toughest by the crisis.”