Half of Britons say Rachel Reeves’ decisions have made them less confident about economic growth

A new Ipsos poll reveals public concern about the economy's trajectory and the impact of recent policy decisions taken by Chancellor Rachel Reeves.

Key findings

• Chancellor Rachel Reeves' decisions have left half of the public (52%) feeling less confident about economic growth (14% more confident). This lack of confidence is particularly evident among those aged 55+, with 71% expressing diminished confidence. In addition, one third (33%) of those who voted Labour at the last General Election say that Reeves’ decisions have made them less confident. Overall, half (50%) of the public believe that she has been doing a bad job as Chancellor.

• When asked about specific policies, there is strong support (72%) for increasing NHS funding. In addition, over half (56%) of Britons also support the government’s decision to introduce VAT to private school fees. 
• However, two-thirds of Britons (67%) disagree with the decision to end winter fuel payments for pensioners who do not receive Pension Credit. Just over half (53%) also oppose the increase of Employers’ National Insurance contributions from 13.8% to 15%.

• The public is pessimistic about the economy's future, with almost half (47%) expecting unemployment to increase this year. Over half (55%) of those aged over 55 are most likely to think it will increase (26% stay the same, 8% decrease). Conversely, those aged 18-34 are more split, with 39% each expecting unemployment to increase and stay the same (13% decrease). There are also political divides, with 61% of 2024 Conservative voters and 63% of 2024 Reform UK voters expecting unemployment to increase, compared with 37% of 2024 Labour voters and 42% of 2024 Liberal Democrats.

Gideon Skinner, Senior Director of UK Politics at Ipsos said:

While increasing NHS funding is welcomed by a substantial majority, the public remain unconvinced about the overall direction of the economy under Rachel Reeves' stewardship. The fact that half of Britons believe she is doing a bad job as Chancellor, coupled with widespread pessimism about rising unemployment, should sound alarm bells in Downing Street. This negativity is likely fuelled by the significant proportion of the public (50%) who feel less confident about economic growth following her policy decisions. The Chancellor's efforts to highlight investment and a long-term vision for growth have yet to resonate with voters, who are continuing to feel pressures from the cost of living.

Technical note: 

• Ipsos interviewed a representative sample of 2,248 online British adults aged 18+ across Great Britain between the 7th-11th February 2025. 
• Data are weighted to match the profile of the population. All polls are subject to a wide range of potential sources of error.