Labour seen as the biggest factor behind the country’s economic woes as three in five think a recession likely within next year

Ipsos in the UK today released the findings of its latest poll on the British economy (conducted online among 1,090 British adults aged 18-75 from April 11th – 14th, 2025), revealing widespread pessimism and concerns about the cost of living.

Key findings 

• Widespread pessimism: 73% of Britons describe the current state of the economy as "poor," compared to just 22% who view it as "good." This negative net score of -51 reflects a continuing trend of economic pessimism. This is reinforced by three in five (62%) saying they expect the economy to remain in a poor state a year from now (April 2026), with only 28% anticipating a positive economic scenario. 
• Blame game: Among those who view the economy negatively, the decisions of Prime Minister Keir Starmer and Chancellor Rachel Reeves are seen as the biggest contributing factor (56%), followed by the impact of the COVID-19 pandemic (48%) and the Russian invasion of Ukraine (44%). The Conservative party's past economic policies and the state of the global economy are also cited by a substantial proportion (both 43%), while almost as many blame US president Donald Trump (41%). Conversely, those who view the economy positively attribute it mainly to the productivity of British workers (39%), decisions made by the Bank of England, and decisions made by the current Labour government (both 34%).

• Cost of living crisis: Around three in five Britons (62%) think the Labour government is doing a bad job at reducing the cost of living. Around half express dissatisfaction with the government's handling of the economy (53%).  Britons are not quite as critical of the government’s approach to boosting international trade and investment (39% bad job, 21% good).
• US tariffs: A majority (59%) continue to disapprove of US President Donald Trump's handling of the tariff situation, while views on the performance of the UK government and Keir Starmer are more mixed.
• Recession concerns: Almost half (47%) of the public believe the UK is currently in recession. However, this is less than in June 2023, when six in ten (61%) thought that we were experiencing a recession. When asked about the future, three in five (61%) Britons think a recession is likely within the next year – rising to two-thirds (66%) of those aged 55-75.

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

Our latest economic data shows that economic pessimism in Britain remains entrenched and widespread. While younger adults show some optimism for the future, the overall public sentiment remains bleak, with a majority expecting the economy to remain in a poor state. With over half of those who think the economy is in a poor state blaming Labour as a key factor behind the country’s economic woes, the government needs to demonstrate tangible improvements – particularly on the cost of living - to address these concerns and build trust.

Technical note: 

• Ipsos interviewed a representative sample of 1,090 online British adults aged 18-75 across Great Britain between the 11th-14th April 2025. 
• Data are weighted to match the profile of the population. All polls are subject to a wide range of potential sources of error.