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(Bloomberg) — Barclays Plc Chief Executive Officer CS Venkatakrishnan said the UK Chancellor of the Exchequer John Healey is “encouraging” for the economy and that the bank is ready to lend capital domestically.
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Venkatakrishnan said that he was “pleased” to hear Healey’s commitment to growth in his pro-business pitch last week, when the chancellor met the CEO along with other executives at Bloomberg’s London offices.
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“He’s very encouraging for the both the industry and the economy,” Venkatakrishnan said of Healey on Bloomberg TV on Tuesday. “The UK needs more growth and productivity. I think that the prime minister and the chancellor both recognize that.”
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He added that the banking sector has an important role to play in the UK economy and suggested using the bank’s resources to increase lending in the UK economy — a strategy he hopes would be considered when the government makes tax decisions.
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“We very much want to use our capital to lend,” Venkatakrishnan said on a call discussing Barclays’ second-quarter earnings with journalists.
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Healey, who succeeded Rachel Reeves as Britain’s finance minister last week after Andy Burnham took over as prime minister, has said he wants to lessen costs for businesses, including taxes, energy and labor expenses.
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“I want government decisions to raise the levels of investment, of innovation, of confidence,” Healey said last week at the Bloomberg offices. “I want Britain to become the best place in the world for those with ideas who want to start and grow a business.”
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However, Healey faces a tough task to balance the UK budget, as Labour Members of Parliament expect high public spending and are resistant to welfare cuts, while many support higher wealth taxes.
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Venkatakrishnan said that both Healey and Burnham have “the right idea” on their plans to boost growth across UK regions and buy goods and services from British businesses.
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Barclays on Tuesday reported investment banking revenue of £747 million ($993 million), beating average analyst estimates compiled by Bloomberg. However, growth didn’t match the pace set by larger American rivals, leading shares to tumble as much as 7.1% as the London market opened. Revenues across Barclays’ US and UK consumer banking arms missed average analyst estimates.
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—With assistance from Julian Harris.
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English (US)