Trading Statement

Barclays PLC
26 May 2005


                                                                   26th May 2005
                                  BARCLAYS PLC
                                 TRADING UPDATE

Barclays PLC ('Barclays') will host a conference call at 09.00 (BST) today. A
recording of the conference call will be posted on the Investor Relations
website.

Key trends set out below, unless stated otherwise, relate to the three months to
31st March 2005 and are compared to the corresponding three months of 2004.
Trends in income and expenses are expressed after the deduction of 'net
insurance claims and benefits paid' (see International Financial Reporting
Standards section below for details).

Group Performance Commentary

John Varley, Group Chief Executive, commented: 'Barclays has delivered good
profit growth in the first quarter of 2005. We have accelerated the
implementation of our strategic agenda by organic investment and acquisition.
This strategy is continuing to deliver positive results and greater portfolio
diversification by business type and geography.'

Individual Business Commentary

UK Banking performed well and is making good progress towards achieving its 2005
productivity target. UK Business Banking continued to perform strongly, as a
result of good income growth reflecting balance sheet momentum and
well-controlled risk. UK Retail Banking income was broadly flat with growth in
current accounts offset by weaker income from the mortgage business and retail
savings. Operating expenses were well controlled and impairment losses were in
line with expectations.

Barclays Capital continued to deliver very strong profit growth reflecting the
successful impact of investment made in prior periods. Income growth was well
spread with both primary and secondary income higher. Operating expenses
increased at the same rate as net revenues, reflecting continued investment in
the business and performance related pay. Risk remained well controlled with
impairment losses in line with the 2004 experience.

Barclays Global Investors continued its excellent broad based performance
through a combination of good investment results, strong net new asset inflows,
and further significant growth in exchange traded funds.

Private Clients performed well. Income growth reflected good balance sheet
volumes and improved advisory activities. Operating expenses were broadly in
line with the prior year.

Private Clients - closed life assurance activities performance was broadly
stable. Costs for endowment redress remained consistent with the 2004
experience.

Barclaycard income growth was good, reflecting a solid performance across the
diversified UK cards and loans businesses and strong momentum in the
International cards business. Barclaycard continued to see growth in average UK
extended credit balances in cards and in loan balances. Operating expenses
increased, predominantly due to the inclusion of the Juniper business.
Impairment losses rose significantly reflecting increased delinquent balances
and severity rates in the UK cards business and changes in recognition
methodology. The impact of higher impairment losses, combined with the continued
investment in the business, more than offset the improved income performance.

International Retail and Commercial Banking performed strongly. Income growth
was supported by balance sheet expansion in Spain, Italy, Portugal and Africa.
Operating expenses increased reflecting continued investment in the business and
volume growth. The business benefited from investment realisations during the
first quarter.

Group Income

Income growth was good and broad based, with a strong contribution from net
trading income and investment income and good growth in net interest income and
fees and commissions.

The impact of income from insurance activities and consequent claims and
benefits paid was significantly lower, reflecting the implementation of IFRS 4
from 1st January 2005 and a decline in the investment returns attributable to
policyholders.

Balance sheet growth since 1st January 2005 has been good. Retail and commercial
banking net interest margins were broadly stable relative to the full year 2004
position.

Group Operating Expenses

Operating expenses increased in line with the rate of income growth. The
increase was primarily attributable to continued investment in and expansion of
the global product businesses, the development of International Retail and
Commercial Banking and costs associated with the head office relocation. The
Group cost:income ratio was stable.

Risk Management

The corporate businesses performed strongly with a continued fall in potential
credit risk loans leading to lower impairment losses. The slowdown across the UK
consumer credit sector resulted in a rise in potential credit risk loans and a
consequent increase in impairment losses. The increase in delinquencies was most
noticeable in credit cards with a significantly smaller impact in consumer loans
and mortgages. The delinquency trends in overdrafts were broadly stable.

Market risk continued to be well controlled. Average DVaR in Barclays Capital
during the first quarter was in line with that of the second half of 2004.

Recent Developments

Barclays announced its intention to make a firm offer for up to 60% of the
issued share capital of the South African bank Absa on 9th May 2005. The
transaction is expected to be immediately accretive to earnings per share and to
contribute positive economic profit in the first full year following
acquisition. The transaction is expected to be financed from a combination of
available resources and preference share finance.


2005 Outlook

In line with guidance given in February 2005, Barclays continues to target
double digit income growth with expense growth broadly in line with income
growth. The targets exclude the impact of any significant acquisitions and
disposals made in 2005. Based on current trends Barclays now expects impairment
losses for 2005 to be somewhat higher than the last published Risk Tendency.

International Financial Reporting Standards (IFRS)

The IFRS Transition Report 2004/05 was published on 11th May 2005. The report
included the financial results for 2004 restated under IFRS together with the
opening balance sheet position as at 1st January 2005.

The 2005 results show the first time application of IAS 32 (Financial
Instruments: Disclosure and Presentation) and IAS 39 (Financial Instruments:
Recognition and Measurements) including those impacts relating to liability and
equity classifications, hedging, impairment and effective interest calculations.

Under IFRS insurance business is consolidated on a line by line basis rather
than the previous recognition of the change in embedded value and net premiums
on insurance underwriting within other operating income. This has an impact on
operating income and operating expenses but no impact on profits.

In addition, IFRS 4 (Insurance Contracts) requires the separation of investment
and insurance contracts and for these to be treated in accordance with their
classification. Over half of the life assurance activities of the Group will be
accounted for as investment business in 2005 whereas all of these activities
were accounted for as insurance business in 2004.

Trading Update conference call and webcast details

The Group Finance Director's briefing will be available as a live conference
call at 09.00 (BST) on Thursday, 26th May 2005. The telephone number for UK
callers is 0845 301 4020 ([phone] for all other locations), with the
access code 'Barclays Trading Update'. The briefing will also be available as a
live audio webcast on the Investor Relations website at:
www.investorrelations.barclays.co.uk and a recording will be posted on the
website later.

Timetable

2005 Interim Results Announcement           Friday, 5th August 2005
Ex Dividend Date                            Wednesday, 17th August 2005
Dividend Record Date                        Friday, 19th August 2005
Dividend Payment Date                       Monday, 3rd October 2005

All dates are provisional and subject to change.

For further information please contact:

Investor Relations                          Media Relations
Mark Merson/James S Johnson                 Chris Tucker/Leigh Bruce
[phone]/2927                   [phone]/6083



This document contains certain forward-looking statements within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 
27A of the US Securities Act of 1933, as amended, with respect to certain of the
Group's plans and its current goals and expectations relating to its future 
financial condition and performance. These forward-looking statements can be 
identified by the fact that they do not relate only to historical or current 
facts. Forward-looking statements sometimes use words such as 'anticipate', 
'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', or other 
words of similar meaning. By their nature, forward-looking statements involve 
risk and uncertainty because they relate to future events and circumstances, 
including, but not limited to the further development of standards and 
interpretations under IFRS applicable to past, current and future periods, 
evolving practices with regard to the interpretation and application of 
standards under IFRS and pending tax elections with regards to certain 
subsidiaries as well as UK domestic and global economic and business conditions,
market related risks such as changes in interest rates and exchange rates, the 
policies and actions of governmental and regulatory authorities, changes in 
legislation, the outcome of pending and future litigation and the impact of 
competition, a number of which factors are beyond the Group's control. As a 
result, the Group's actual future results may differ materially from the plans, 
goals, and expectations set forth in the Group's forward-looking statements. Any
forward-looking statements made by or on behalf of Barclays speak only as of the
date they are made. Barclays does not undertake to update forward-looking 
statements to reflect any changes in Barclays expectations with regard thereto 
or any changes in events, conditions or circumstances on which any such 
statement is based. The reader should, however, consult any additional 
disclosures that Barclays has made or may make in documents it has filed or may 
file with the SEC including its most recent Annual Report on Form 20-F.



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