Public see Spring Statement as worst fiscal event since mini-budget

Following Rachel Reeves’ Spring Statement on Wednesday, public opinion remains resolute negative towards the Chancellor and the government.

The latest polling from Opinium finds that more than two-in-five (43%) see the Spring Statement as a bad fiscal event, compared to only one-in-ten (12%) who see it as good.

This is worse than four out of five of the last fiscal events – better only than the much-criticized Mini-Budget of 2022, which three-in-five see as bad.

Perhaps one reason for the negative sentiment is a lack of purpose – when Brits were asked what they thought of the Statement, the most common answer was “Not Sure” (29%).

Despite the negative sentiment towards the Spring Statement, Rachel Reeves’ ratings appear to have bottomed out before the statement, with a net approval of -41% remaining similar to the week before.

Alternatively, Keir Starmer’s approval ratings took a small dip to -32% (down 3 points).

Despite the negative sentiment towards the Statement overall, many of the policies were generally seen to be a good idea. For example, the public backed the crackdown on tax avoidance (71% said it was good idea) and the overseas aid cut (57% said it was a good idea).

However, there was a negative sentiment towards cuts to health benefits (39% thought it was a bad idea), alongside the expansion of Heathrow through a third runway (35% thought it was a bad idea).

Despite general support for policies outlined in the Statement, the public believes there will be a negative effect for the vulnerable in society.

Almost three-in-five (58%) feel that disabled people will be negatively impacted by the Statement, following the announcement of welfare benefit cuts. Furthermore, half (50%) feel that those on lower incomes will be negatively impacted by the Statement – whereas those on higher incomes are seen to be positively impacted (6%).

This contrasts with October’s Autumn Budget, where those on lower incomes were seen to be the least hit by the announced measures: only 35% felt that Rachel Reeves’ last Budget would have a negative impact on those on lower incomes and 31% believed that they would actually be better off.

James Crouch, head of policy & public affairs at Opinium said: “Labour loves to remind the public of Liz Truss, but Rachel Reeves’ Spring Statement is the worst-rated fiscal event since the mini-budget in 2022. While some measures were popular, nothing the Chancellor said cut through the deep economic gloom gripping the country.”