Labour more trusted on tax, spending and the cost of living as the budget looms

• Three in four don’t trust the Conservatives to reduce their cost of living
• Two in three don’t trust them to manage taxes and public spending
• Nine in ten describe the current state of the British economy as “poor”
• Public still to make their mind up on Jeremy Hunt as Chancellor

Ahead of the Chancellor making his Autumn Statement later this week, new polling from Ipsos, taken 4-8 November, shows that three in four (75%) do not trust the Conservatives to reduce their cost of living (+12 since August). As Jeremy Hunt sets out his plans to raise treasury funds, two in three (65%) say they do not trust them to manage Britain’s taxes and public spending either (+7). 

Fewer than one in five (17%) still say they trust the Conservatives at least a great deal or fair amount to reduce their cost of living (-14), while just over a quarter (27%) say the same about taxation and public expenditure (-10).

Labour retains their lead on both issues, with around two in five saying they trust Keir Starmer’s party to manage the country’s taxes and public spending (38%, -6), and to reduce their cost of living (37%, -8). Although on both around half say they do not trust Labour either (50%, 52% respectively).

This comes as pessimism about economy continues to soar. Nine in ten (89%) would describe the state of the British economy as poor (+9 since late September). Only 7% say it is in a good state (-11). 

However, the public are still to make their mind up on Jeremy Hunt in his role as Chancellor. Three in ten (29%) say he is doing a bad job, while fewer than one in five (17%) say a good job, but the majority either say neither (36%) or that they don’t know (18%).

Keiran Pedley, Research Director at Ipsos UK, said of the findings:

The public are yet to make their mind up on Jeremy Hunt as Chancellor, but this week could prove decisive as he sets out his plans improve Britain’s economy. The public have lost confidence in the Conservatives’ handling of the economy this year, so Hunt faces an uphill battle to restore trust. Time will tell if he can succeed.

Technical note: 

• Ipsos interviewed a representative quota sample of 992 adults aged 18-75 in Great Britain. Interviews took place on the online Omnibus 4-8 November 2022. Data has been weighted to the known offline population proportions. All polls are subject to a wide range of potential sources of error.