Labour more trusted to have the right policies for the British economy than the Conservatives

New polling by Ipsos in the UK, taken 23-25 September (after the recent mini budget but before Keir Starmer’s conference speech) shows Labour more trusted than the Conservatives to have the right policies for the British economy, to manage Britain’s taxes and public spending, and to reduce the cost of living.

Trust and the economy

77% of Britons describe the state of the British economy as ‘poor’ with just 1 in 5 saying it is good (19%). The proportion being negative has increased 5 pts from June, 8 pts from March, and 18 pts from November 2021.

When asked if the Conservatives and Labour can be trusted on various aspects of the economy:

• 40% trust Labour either a great deal or fair amount to have the right policies for Britain’s economy. 33% trust the Conservatives.
• 39% trust Labour to reduce ‘you or your family’s cost of living’, 28% trust the Conservatives.
• 38% trust Labour to manage Britain’s taxes and public spending, 32% trust the Conservatives.

When asked about the recent economic policy announcements by Chancellor Kwasi Kwarteng:

• 22% think they will be a good thing for the economy as a whole, 39% say bad. 24% say they will make no difference and 14% don’t know.
• 19% say the policies will be a good thing for themselves personally, 28% say bad. 43% say they will make no difference and 10% don’t know.

Cost of living

• 54% of Britons think the government is not doing enough to support the cost of living in their local area. This is down from 66% in early August but up from 49% in May. 29% think the government is providing about the right amount of support and 6% think it is providing too much support.

Favourability towards politicians and parties

In terms of leading politicians:

• 25% of Britons are favourable towards the Prime Minister (+2 pts from August) and 48% are unfavourable (+3).
• 28% are favourable towards Labour leader Keir Starmer (-1pt) and 42% are unfavourable (+1pt).
• 17% are favourable towards Chancellor Kwasi Kwarteng and 41% are unfavourable.
• 17% are favourable towards Foreign Secretary James Cleverly and 29% are unfavourable.
• 18% are favourable towards Health Secretary Thérèse Coffey and 36% are unfavourable.
• 16% are favourable towards Home Secretary Suella Braverman and 30% unfavourable.

In terms of the parties:

• 32% are favourable towards Labour (down 2 pts from August) and 41% are unfavourable (no change).
• 24% are favourable towards the Conservatives (-5 pts) and 50% unfavourable (+2 pts).
• 24% are favourable towards the Lib Dems (-1pt) and 36% unfavourable (no change).
• 29% are favourable towards the Greens (+2 pts) and 30% unfavourable (-1pt).

Right direction / wrong direction

This month just 20% think things in Britain are heading in the right direction (-1 pt from August) and 55% say wrong direction (down 9 pts).

Impact of Brexit

Slightly less than half of Britons say the UK’s decision to leave the European Union has had a negative impact on the country (45%, -3 pt from August) while 1 in 4 say the impact has been positive (26%, -5 pts). 24% say it has made no difference (+8 pts).

Keiran Pedley, UK Director of Politics at Ipsos, said:

It will concern Liz Truss and the Conservatives that at a time of growing concern about the state of the economy, that not only are Labour more trusted to reduce the cost of living but they are also more trusted to have the right policies for Britain’s economy generally. The Prime Minister will hope for improvements in the economic news as she looks to show the public that she can get things moving in the right direction at a time when just one in five think things currently are.

Technical note

Ipsos interviewed a representative sample of 1,133 Britons aged 18+ (for comparison purposes with earlier polls, economic questions are based on 18-75 year olds). Interviews were conducted online from 23-25 September 2022 Data are weighted to match the profile of the population. All polls are subject to a wide range of potential sources of error.