Apr 30, 2021

Barclays boss predicts biggest economic boom since 1948

PA. The UK is about to experience its biggest economic boom since the aftermath of World War Two, according to Barclays boss Jes Staley. His upbeat assessment came as Barclays revealed its profits for the first three months of this year had more than doubled from a year earlier to £2.4bn. "We estimate the UK economy will grow at its fastest rate since 1948. That's pretty spectacular," he said. Mr Staley said that a combination of the successful vaccine rollout and Barclays' estimate of an extra £200bn sitting in customer and company bank accounts meant the UK would join the US in seeing some of the fastest economic growth in decades. Assuming the worst regarding future defaults is sometimes called "Stuffing the cookie jar" - a jar that can be raided when needed to boost future earnings. There are many business owners who will not recognise the rosy picture he paints of the UK's economic future.

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