William Hobbs, chief investment officer at Barclays Bank, has called for a positive outlook when it comes to the future of the economy.
In an address at Mortgage Business Expo (MBE) London 2023, Hobbs explained that while may economists and commentators have forecasted an upcoming recession, he maintains a more optimistic view.
He said: “We need to consider other options. Economic growth is the exception, not the norm.”
Despite the increased vulnerability of borrowers following the pandemic, high interest rates and the ongoing cost-of-living crisis, Hobbs said that the labour market remains quite strong, with inflation adjusted wage growth in positive figures for the first time in a few years.
In light of this strong labour statistics, he remained hopeful in terms of the mortgage market, particularly given the “excess savings pile” accrued since the pandemic.
