Biggest boom since World War II

Barclays’ boss says Britain will have a ‘spectacular’ post-lockdown recovery

- GRAHAM HISCOTT

BRITAIN is set to enjoy its biggest economic boom since the aftermath of World War II, a banking boss has predicted.

Jes Staley, chief executive of Barclays, forecast the country is poised for a “spectacular” recovery.

“There’s tremendous pent-up demand,” he said, citing a combination of the vaccine roll-out and £200billion of savings households built up during the coronavirus lockdowns.

The Bank of England is expected to raise its annual growth forecasts next week.

Staley said: “Our economic forecast is for the UK economy to grow by 6.5 per cent this year – the strongest growth rate in the British economy since 1948,” he said. “That’s pretty spectacular.”

That would equate to a £136billion shot in the arm for the economy, according to the New Economics Foundation, and an extra £27billion in taxes for the Treasury.

The better outlook here contrasts with the eurozone, which fell into a double-dip recession in the first three months of the year, figures confirmed yesterday.

The UK’s bounceback has been boosted by the recent reopening of non-essential shops and hospitality venues outside.