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Labour’s Benefits Street budget is so unpopular that the party is now less trusted on economic matters than the widely criticized Liz Truss.
The latest polling results represent another setback for the Chancellor, who decided to increase taxes by £26 billion to finance a £16 billion expenditure on welfare payments.
Yesterday, an independent report added to the pressure, stating that leaks prior to the Budget had heightened uncertainty for both businesses and consumers.
Polling data reveals that only ten percent of voters now trust Labour with economic management.
This figure is lower than the former Prime Minister, who had a trust rating of 15 percent in October 2022 following her disastrous mini-Budget.
It is also below the former leader's rating of 13 percent in October 2019.
Currently, the government ranks highest with a 17 percent trust level regarding economic matters.
According to a YouGov survey, 37 percent of respondents believe Labour exaggerated the state of public finances before the Budget, which is more than double the number of those who thought the party was being truthful.
Moreover, only eight percent believe the Budget will improve the country's overall situation.
Just two percent think their families will be better off as a result.
Professor David Miles from the Office for Budget Responsibility (OBR) informed MPs yesterday that the “increasing uncertainty” leading up to the Budget hindered economic growth.
He mentioned that the OBR had raised concerns with the Treasury regarding the leaks.
He emphasized, “Uncertainty is detrimental to most economic decisions.
“People are likely to delay decisions and may refrain from making investments.”
Labour’s Benefits Street budget is so unpopular that the party is now less trusted on economic matters than the widely criticized Liz TrussCredit: Getty
Why is Labour's Benefits Street budget considered unpopular?
Labour's Benefits Street budget is viewed unfavorably due to significant tax increases and a lack of public trust in the party's economic management, resulting in a low polling percentage.
How does Labour's trust rating compare to past leaders?
Labour's current trust rating of ten percent is lower than Liz Truss's rating of 15 percent after her mini-Budget and the former leader's rating of 13 percent in 2019.
What impact did the leaks have on the Budget?
The leaks leading up to the Budget created uncertainty that stunted growth and affected economic decision-making, as noted by Professor David Miles from the OBR.
Eze Chidiebere Paul
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