Keir Starmer has been dealt a huge blow just days after the first Labour Budget in almost 15 years, as a bombshell new poll shows the Tories coming out on top for the first time in three years.
On Wednesday, Chancellor Rachel Reeves announced her Budget, which quickly drew fierce criticism for raising taxes by £40bn to fill some of the fiscal “black hole” Labour claims the previous government left.
The Budget set out a series of hikes, including an increase in the amount of national insurance employers pay and lower and higher rates of Capital Gains Tax.
Reeves has also refused to rule out further tax hikes, saying it would be “irresponsible” to do so. However, she called the £40bn rise a “once in a parliament” event.
Now, an exclusive poll for i conducted by BMG Research revealed that 40% of participants disapprove of the Budget, leaving just a quarter happy with Reeves’ economic plan.
The Budget has left many people fearing that they’ll be worse off under Labour than they previously were under the Tories, with 29% of respondents saying they would vote Conservative if a general election was held now.
This is a lead over Labour, albeit a very marginal one, who received 28% percent of the votes. This marks the first time a published poll has revealed a Tory lead since December 2021 – around the time of the “Partygate” scandal.
Reform UK dropped three points in the new polling, going from 20% to 17%, though they remain in third place. The Liberal Democrats were next with 13%, followed by the Green Party with 8%.
Starmer’s approval ratings have also dropped to a new low, with only 23% of participants backing his leadership compared to 49% who are dissatisfied.
His opposition is also more trusted to deal with economic, security, and foreign affairs issues.
Despite this, the public still trusts Labour more than the Tories on various issues, including the NHS, housing, education, and welfare.
The biggest tax measure Reeves announced earlier this week was increasing the national insurance contributions paid by employers, which was opposed by 34%.
Other issues respondents opposed were the previously announced cuts to winter fuel payments and the increase of the bus fare cap from £2 to £3.
The overall mood post-budget is despondent, with a whopping 42% thinking it will leave them worse off than they were before and just 16% predicting they’ll be better off.
