Poll-Voters Strongly Back O&G Windfall Tax, Oppose Council Tax Hikes

Polling from Ipsos MORI ahead of the 1130GMT Autumn Statement shows respondents largely in favour of an increased windfall tax on profits of O&G firms as well as an increase to the top additional rate of tax from 45% to 50%, both measures mooted as being considered by Chancellor Jeremy Hunt.

• The most popular potential measure was an increase in an energy windfall tax on profits earned by O&G firms from 25% to 30% was backed by 71% of respondents with just 10% opposing. Behind that, an increase in the additional rate of tax was backed by 64% of respondents (15% opposed) and keeping overseas aid at 0.5% of GDP rather than raising to 0.7% as planned was backed by 60% of respondents.
• The most strongly opposed potential measure would be increasing the amount council tax can increase without a referendum from 2% to at least 5%, with 70% opposed and just 12% in favour. An (unlikely) increase in VAT from 20% to 22% is opposed by 64% of respondents and backed by 16%.
• Overall, as is to be expected in opinion polls, measures seen as hitting large corporations and/or the wealthy have stronger support, while those hitting a broader base of the public are largely opposed.

Chart 1. Most Supported Potential Measures in Autumn Statement, %

Source: Ipsos MORI. Fieldwork 11-14 Nov, 1,066 respondents

Chart 2. Most Opposed Potential Measures in Autumn Statement, %

Source: Ipsos MORI. Fieldwork 11-14 Nov, 1,066 respondents