No cheer with Keir? Two-fifths of Brits expect finances to worsen

Three in four Britons think the Labour Government is managing the cost-of-living crisis badly, a new poll has revealed.

The YouGov survey showed 74 per cent are dissatisfied with Sir Keir Starmer's handling of the issue, compared to only 15 per cent who think his Government is managing it well.

There has been a 'significant increase' in dissatisfaction with Labour over the matter since the general election, the pollster said.

Following the July 4 vote, only 55 per cent said the new Government was handling the issue badly.

But Labour's current net score of -59 is now exactly as bad as the final score of the previous Conservative government under Rishi Sunak. 

The poll also found that two-fifths of Britons (43 per cent) expect their financial situation to worsen over the next year, with 38 per cent expecting it to stay roughly level.

Only 11 per cent anticipated an improvement in their household finances over the next 12 months.

The survey revealed gloominess about the state of the wider UK economy, with only one in eight Britons (13 per cent) expecting it to improve for the better over the next year.

This compared to more than half (54 per cent) who think the UK economy will get worse over the next 12 months.

Ahead of the general election, Sir Keir said one of his five 'missions' if he became PM was to 'secure the highest sustained growth' among G7 countries.

Labour also made a manifesto promise of 'good jobs and productivity growth in every part of the country making everyone, not just a few, better off'.

The cost-of-living crisis has seen rocketing prices in the aftermath of the Covid pandemic and following Russia's invasion of Ukraine.

The poll suggested Britons were feeling little relief from the pressures, despite the CPI inflation rate having fallen to 2.3 per cent from a peak of 11.1 per cent in October 2022.

Eight in ten (82 per cent) said that prices in shops are rising faster than their income, compared to only 10 per cent who feel their income is keeping pace with prices.

Just 1 per cent believed their income is rising faster than prices.

Nearly six in 10 Britons said they had been affected by cost of living pressures in recent times.

This included 41 per cent who said they have not just made cuts to their usual spending but expect to have to do so again at some point.

A further 21 per cent of the public said they have currently been able to maintain their usual levels of spending but expect to have to make cuts soon.

Just one in six Britons (17 per cent) said they have been able to maintain their usual spending levels and expect to be able to continue to do so.

Half of those aged 65 and over (50 per cent) said they have been able to maintain their usual levels of spending.

But this figure stood at just 27 per cent among 18-24 year olds and 32 per cent with 25-49 year olds. 

When asked to think about how their overall financial situation had changed over the last year, 48 per cent of Britons said their household’s situation had worsened.

This compared to 37 per cent who said it had stayed about the same and just 12 per cent who said their situation had improved over the last 12 months.

YouGov polled 2,260 adults in Britain between 27 to 28 November.