According to a new poll, people are more likely to trust Labor to manage public finances than the Conservatives.
The survey, carried out by Ipsos following the Spring Statement on March 23, found that 41% of people trusted Labor to handle taxes and public spending, compared to 35% who trusted the Conservatives.
It represents an improvement for the opposition party since before the spring statement, when another Ipsos poll found Labor were virtually level with the Tories on taxes and spending.
The public was also more likely to trust Labor to cut the cost of living by a 15 point margin and increasingly used news of rising inflation rates to judge the economic performance of the labor market more generally. UK.
Ipsos political director Keiran Pedley said: “These figures clearly show the political risk facing the Tories over the rising cost of living.
“The public is following stories about this closely and increasingly judging the performance of the economy as a whole with the cost of living directly.
“It matters because they are also more likely to trust Labor to cut the cost of living than the Tories.”
The poll also brought bad news for the chancellor personally. A third of people said they thought he was doing a bad job, up from a quarter before the spring statement, and 42% of people said he had made the UK economy worse.
On the statement itself, the poll found that people considered it good for big business and high-income people, but bad for virtually everyone.
In particular, 51% of respondents said the declaration was a “bad thing” for low-income people and 46% thought it would be a bad thing for retirees.
But while more than two-thirds of people thought the economy was performing poorly, the government did not take all the blame for the cost of living crisis.
People were much more likely to say that the Covid-19 pandemic, the state of the global economy and the war in Ukraine were contributing a lot or somewhat to the rising cost of living, with each of these three factors mentioned by about three quarters of the respondents.
Conversely, 64% of those polled said Conservative policies contributed to the rising cost of living, the same proportion who blamed Brexit, while 50% of those polled believed that policies to cut emissions UK carbon emissions were responsible for the rise in inflation.
Mr Pedley said: “Although the public clearly does not blame the government alone for the rising cost of living, there are signs of concern about the impact of its most recent response – the statement by the spring – on certain potentially vulnerable groups.
“If this sentiment of pessimism persists, the Conservatives could face difficult political times in the future.”