78% of Britons say the economy is in a bad state, with just 13% believing Reeves is doing a good job as chancellor
While the new year might have given Britons the opportunity to turn over a new leaf, they are sceptical that this has been true of the British economy.
Eight in ten Britons (78%) say that the UK’s economy is in a bad state, a similar level to the 80% who said so in the immediate aftermath of Liz Truss and Kwasi Kwarteng’s mini-Budget in 2022. This compares to 16% of the public currently describing the economy as ‘neither good nor bad’ and only 2% who would feel the economy is in a good place.
Economic pessimism is common across all voters. Two-thirds of Labour voters (66%) describe the economy in negative terms, with such beliefs rising to 76% among Lib Dems, 87% of Conservatives and 94% with Reform UK voters.
But Britons don’t just think that the economy is in a poor shape today, 63% also believe that the UK economy will get worse over the next 12 months. Just 11% anticipate an improvement in the country’s economic circumstances by this time next year.
This is a clear increase in negativity, with just 51% having expected the economy to get worse over the next year when we asked following the 2024 October Budget. Indeed, this is the highest level of economic pessimism since late 2022.
While fewer Britons are pessimistic about the future direction of their own household finances (47%) than the wider economy, this does not translate into greater optimism, with only 13% expecting things to get better for them. Instead, a higher number of Britons (33%) expect their household financial situation to stay about the same over the next year.
How do Britons feel the government is managing the economy?
Seven in ten Britons (69%) say the government is managing the economy badly, compared to one in six (17%) who feel the government is managing it well.
Similarly, just one in eight Britons (13%) believe that Rachel Reeves is doing a good job, the fewest Britons saying so of a chancellor since Kwasi Kwarteng in September 2022. Against this are 52% of the public who feel that Reeves is doing a bad job at the Treasury.
Even among Labour voters, just 28% believe Reeves is doing a good job, with nearly as many (26%) currently giving her a bad review.
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Photo: Getty
