Tory support rises as Lib Dems fall back in new polls

Conservative lead back up to 10 points in latest ComRes poll.

New Statesman - Polls Guide_1272739738811

Latest poll (ComRes/Independent on Sunday/Sunday Mirror): Conservatives 11 seats short of a majority.

No fewer than four new polls out tonight, all of which show a rise in support for the Conservatives. The most striking is the latest ComRes survey for the Independent on Sunday and the Sunday Mirror, which has the Tory lead up to 10 points, the highest since February.

The poll puts the Conservatives up 2 points to 38 per cent, with the Lib Dems down 1 to 25 per cent and Labour also down 1 to 28 per cent. If repeated at the election on a uniform swing, those figures would leave Cameron 11 seats short of a majority. But in practice, since the Tories are still likely to perform disproportionately well in the marginals, a lead of this size should be just enough for a majority.

Elsewhere, the YouGov daily tracker has the Tories up 1 to 35 per cent, the Lib Dems unchanged on 28 per cent and Labour down 1 to 27 per cent. On a uniform swing, this result would leave the Conservatives 41 seats short of a majority.

It seems safe to conclude that David Cameron's winning performance in the final leaders' debate has given the Tories a slight boost. At the very least, it looks like the Conservatives can expect to emerge as the single largest party on Friday morning, with the Lib Dems providing "confidence and supply" in a hung parliament.

New Statesman Poll of Polls

New Statesman - Polls Guide_1272739931373

Hung parliament: Conservatives 31 seats short of a majority.

The latest ICM/Sunday Telegraph survey provides further evidence of a Conservative bounce. The poll puts the Tories up 3 points to 36 per cent, Labour up 1 to 29 per cent and the Lib Dems down 3 to 27 per cent. Labour will be relieved that ICM, like YouGov, suggests the Lib Dem surge is abating.

But there's also a new Angus Reid survey for the Sunday Express that has the Tories up 2 to 36 per cent, the Lib Dems down 1 to 29 per cent and Labour unchanged on just 23 per cent.

Gordon Brown will have to hope that Mike Smithson's golden rule -- that the survey with Labour in the least favourable position is normally the most accurate -- is mistaken this time. On a uniform swing, those figures would leave the Tories just three seats short of a majority.

UPDATE: The final poll of the night, a BPIX survey for the Mail on Sunday, has the Tories unchanged on 34 per cent, the Lib Dems unchanged on 30 per cent and Labour up 1 to 27 per cent.

Follow the New Statesman team on Facebook.

George Eaton is political editor of the New Statesman.

Show Hide image

Stability is essential to solve the pension problem

The new chancellor must ensure we have a period of stability for pension policymaking in order for everyone to acclimatise to a new era of personal responsibility in retirement, says 

There was a time when retirement seemed to take care of itself. It was normal to work, retire and then receive the state pension plus a company final salary pension, often a fairly generous figure, which also paid out to a spouse or partner on death.

That normality simply doesn’t exist for most people in 2016. There is much less certainty on what retirement looks like. The genesis of these experiences also starts much earlier. As final salary schemes fall out of favour, the UK is reaching a tipping point where savings in ‘defined contribution’ pension schemes become the most prevalent form of traditional retirement saving.

Saving for a ‘pension’ can mean a multitude of different things and the way your savings are organised can make a big difference to whether or not you are able to do what you planned in your later life – and also how your money is treated once you die.

George Osborne established a place for himself in the canon of personal savings policy through the introduction of ‘freedom and choice’ in pensions in 2015. This changed the rules dramatically, and gave pension income a level of public interest it had never seen before. Effectively the policymakers changed the rules, left the ring and took the ropes with them as we entered a new era of personal responsibility in retirement.

But what difference has that made? Have people changed their plans as a result, and what does 'normal' for retirement income look like now?

Old Mutual Wealth has just released. with YouGov, its third detailed survey of how people in the UK are planning their income needs in retirement. What is becoming clear is that 'normal' looks nothing like it did before. People have adjusted and are operating according to a new normal.

In the new normal, people are reliant on multiple sources of income in retirement, including actively using their home, as more people anticipate downsizing to provide some income. 24 per cent of future retirees have said they would consider releasing value from their home in one way or another.

In the new normal, working beyond your state pension age is no longer seen as drudgery. With increasing longevity, the appeal of keeping busy with work has grown. Almost one-third of future retirees are expecting work to provide some of their income in retirement, with just under half suggesting one of the reasons for doing so would be to maintain social interaction.

The new normal means less binary decision-making. Each choice an individual makes along the way becomes critical, and the answers themselves are less obvious. How do you best invest your savings? Where is the best place for a rainy day fund? How do you want to take income in the future and what happens to your assets when you die?

 An abundance of choices to provide answers to the above questions is good, but too much choice can paralyse decision-making. The new normal requires a plan earlier in life.

All the while, policymakers have continued to give people plenty of things to think about. In the past 12 months alone, the previous chancellor deliberated over whether – and how – to cut pension tax relief for higher earners. The ‘pensions-ISA’ system was mooted as the culmination of a project to hand savers complete control over their retirement savings, while also providing a welcome boost to Treasury coffers in the short term.

During her time as pensions minister, Baroness Altmann voiced her support for the current system of taxing pension income, rather than contributions, indicating a split between the DWP and HM Treasury on the matter. Baroness Altmann’s replacement at the DWP is Richard Harrington. It remains to be seen how much influence he will have and on what side of the camp he sits regarding taxing pensions.

Meanwhile, Philip Hammond has entered the Treasury while our new Prime Minister calls for greater unity. Following a tumultuous time for pensions, a change in tone towards greater unity and cross-department collaboration would be very welcome.

In order for everyone to acclimatise properly to the new normal, the new chancellor should commit to a return to a longer-term, strategic approach to pensions policymaking, enabling all parties, from regulators and providers to customers, to make decisions with confidence that the landscape will not continue to shift as fundamentally as it has in recent times.

Steven Levin is CEO of investment platforms at Old Mutual Wealth.

To view all of Old Mutual Wealth’s retirement reports, visit: products-and-investments/ pensions/pensions2015/