The public are divided on its fairness, and few think it will leave the country better off
Yesterday saw Rachel Reeves deliver the first Labour budget in 14 years, and the first in British history to be delivered by a female chancellor.
Labour had been setting negative expectations in the weeks leading up to the Budget – to the extent that people accused them of ‘overdoing the doom and gloom’ – although they had been keen to emphasise that the main taxes that working people pay (income tax, National Insurance, and VAT) would not rise.
Now a new [snap] YouGov poll uncovers the public’s initial reaction to the Budget, as well as their views on Labour’s economic competence and the state of the wider economy.
What do Britons make of the Budget overall?
The public are divided on whether or not they think the budget was fair: 34% say it was, 34% say it wasn’t, and 32% are unsure.
However, only 20% believe it will leave the country better off – almost half the number who think it will make things worse (38%), while 25% expect that it will make no difference.
And despite the care which Labour have taken to stress that the Budget would not affect the main taxes that working people pay, 39% of Britons still think it will leave them and their family worse off. A similar number think it will not make much difference (41%) and only 7% think they will be better off as a result.
What do Britons think of specific policies announced in the Budget
Of the 14 Budget measures that we polled, the most popular has been increasing taxes on flights on private jets, which 81% say is the right thing to do at this time compared to only 7% who think it is the wrong thing to do.
This tallies with our recent study which shows that taxes on the super-rich are by far the most popular way of raising money for public services – and indeed that many Britons want to put taxes up for the very wealthy even if this is ends up costing the exchequer overall.
Also very popular is the decision to keep fuel duty frozen for the 13th year running, at 75%, the increase in the minimum wage (73%), increased capital spending on schools (73%), and a £22 billion increase in day-to-day spending for the NHS (71%).
Most unpopular is the forthcoming cap on bus fares rising from £2 to £3, which 55% of Britons say is the wrong thing to do at this time.
This is the only measure that most Britons object to, although others come close – 48% say the funding of the HS2 extension to London Euston is the wrong move, as do 47% for the increase in employers’ National Insurance.
Economic assessment
A mere 4% of Britons describe the British economy as being in a good state at the moment, compared to 69% who say it is in a bad way – a further 20% consider it to be ‘neither good nor bad’.
Few likewise expect things to look much better for the economy 12 months from now (17%), with half actually thinking the economy will be worse a year from now (51%). Again, around one in five take the middle option, expecting things to stay about the same (21%).
Only a quarter of Britons think that the government are handling the economy well (26%) or likewise that Rachel Reeves is doing a good job as chancellor (25%).
When it comes to public expectations for their own household finances, only 12% expect improvement over the next 12 months. A third think their financial situation will remain about the same (33%), while 47% expect to find themselves worse off a year from now.
What do you think about the recent Budget, Labour's management of the economy more generally, and everything else? Have your say, join the YouGov panel, and get paid to share your thoughts. Sign up here.
Photo: Getty
