Britain set for the strongest economic expansion since the 1940s says Barclays

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Barclays Plc expects the strongest UK economic growth in over seven decades this year, according to Chief Executive Officer Jes Staley.

The Barclays CEO said in an interview on Bloomberg Television:

“We’re projecting now economic growth in the UK north of 6%,

“It should be the strongest year of economic growth in the UK since 1948. The wave we are riding, which other banks are riding as well, is real.”

According to Staley the 6.5% expansion will be fuelled by a “tremendous” pent-up demand from consumers and small businesses as vaccinations boost confidence following the pandemic. Spending data in the first two weeks of April were “very encouraging” and he anticipates Britain’s recovery will continue through 2022.

Barclays is not alone in its positive outlook. According to Bloomberg the median estimate of economists surveyed this month is for a 5.4% rebound.

Lloyds Banking Group Plc also upgraded its outlook for Britain on Friday, where most of the adult population has received a first dose of a vaccine. It now expects growth of 5% this year.

Bloomberg, the American financial data and media company said:

“Modern records began in 1948, but if Barclays is correct the economy could be set for its fastest growth since 1941, when the war effort saw GDP surge by almost 9%. That’s according to long-run estimates published by the Bank of England.”

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