Snap Polls Show Little Public Enthusiasm For Budget Measures

Chancellor of the Exchequer Jeremy Hunt's Budget statement on 6 March delivered, as MNI's Issuance Deep Dive outlined, little in the way of 'rabbits from the hat' in terms of unexpected giveaways. The 2p national insurance cut, freezing of petrol and alcohol duty cuts, end to non-domiciled tax status, and increase in child benefit thresholds had all been trailed in national press ahead of the budget.

• Speculation about income tax cuts came to nothing, with Hunt and PM Rishi Sunak favouring a cautious approach. This was due to the limited 'fiscal headroom' avaliable, and unpleasant memories for the governing centre-right Conservative party of the market reaction to the Truss-Kwarteng mini-budget of 2022 in which unfunded tax cuts led to a sharp rebuke in terms of plunging sterling and rising yields.
• If this budget was intended to lead to a quick jump in support for the gov't then that prospect appears to have been wiped out according to snap polling. A snap poll from Savanta showed a cumulative 73.9% of respondents saying that the measures would not quite be enough or be nowhere near enough to "help people like them with the rising cost of living."
• iNews reports "According to the poll, overall support for Mr Hunt’s headline measures was at 40 per cent. This is 16 points lower than the Autumn Statement, when Mr Hunt also announced a cut to National Insurance."

Source: Savanta, MNI. Fieldwork 6 March, 1,038 respondents.