Public turns on Labour over economic downturn

As per a recent study.

A survey by Ipsos Mori has found that seventy five percent of Britons view the economy as "poor", whereas only twenty percent think it is in a strong position.

Maggie Thatchers' record tax raid equivalent, Ms Reevs's tax crackdown, has left 42pc of Britons with an unfavourable impression of her performance as Chancellor, a sample of 1,000 people discovered in a survey following a sudden spike in interest rates.

As chief executives warn they will have to significantly increase job losses due to the tax grab in the Budget, economic growth will be severely impacted.

It appears that the country's economy has stagnated over the last three months of the year, and business leaders in the private sector are anticipating a considerable decline in activity through the next quarter, as stated in a survey conducted by the Confederation of British Industry (CBI).

Ms Reeves is about to make a significant reshuffle of the Government’s plans, with a major speech due on Wednesday morning, likely to centre on planning reform, investment and trade, as she expresses her backing for major infrastructure projects.

A new Ipsos survey reveals that Britons are equally inclined to place blame for the state of the economy on contemporary Chancellor of the Exchequer Hilary Benn and former Chancellor Liz Truss, whose mini-Budget sparked increases in borrowing costs.

Mrs Reeves' personal approval rating is currently about the same as her predecessor Jeremy Hunt's was immediately after the 2024 Spring Budget, with roughly one in six people thinking she is performing well in her role.

According to Gideon Skinner, a senior director with Ipsos, the "honeymoon period is undoubtedly over" for the Labour Party.

He stated, indeed: "The general public remain very downbeat about the state of the economy, and have become just as concerned as they were twelve months ago."

The economy takes precedence for Labour's plans for government, yet limited options are available to them, with the public evenly split between preferences for increased expenditure on public services and reductions in taxes or borrowing.

“Attention is also being directed at the input of Keir Starmer and Chancellor Rachel Reeves' decisions, politically-speaking. Although a majority still blame the Conservatives and broader international factors for the economic woes, Labour is now taking a fair share of the criticism from the public, a far cry from this time last year, when they had more public sympathy.”

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