Conservative members say cancelling Kwarteng’s tax cuts was the right decision

Lukas PaleckisSenior Research Executive
October 19, 2022, 11:51 AM GMT+0

Members want to stick to plans to toughen Universal Credit and scrap the banker’s bonus cap

Earlier this week, Jeremy Hunt, the newly appointed chancellor of the exchequer, announced the cancellation of almost all of his predecessor Kwasi Kwarteng’s proposed tax-cuts from the recent mini-Budget. Now a new YouGov Political Research poll finds that the majority of Conservative members think this is the right thing to do.

Most party members (57%) say cancelling the tax cuts was the right decision, while a third think the move is wrong (36%).

When it comes to the individual tax cuts being scrapped, three in five (61%) think the chancellor was right to reverse the planned cut to income tax for those in the top income tax bracket, and 55% say the same about cancelling the proposed cut to the basic rate of income tax.

Only the government’s reversal on corporation tax is seen as wrong, with 54% saying Hunt should have stuck to the proposed reduction, while 34% that say his decision to instead increase the tax rate is the right move.

Hunt notably left intact his predecessor’s plans to reverse a forthcoming rise in National Insurance, and to reduce stamp duty, decisions which seven in ten Conservative members (70-71%) agree with.

More still (78%) say the new chancellor was right not to interfere with plans to tighten rules around Universal Credit by reducing benefits for those who don’t meet certain criteria around searching for jobs.

By contrast, the policy to remove limits on banker’s bonuses is more divisive. While around half of Conservative members (51%) say that the government should continue on its course to scrap the limit, 42% want the cap left in place.

See the full results here

Photo: Getty