The Tories win an EU poll bounce but Labour shouldn't panic

Labour's lead falls to just six points after Cameron's EU referendum pledge but returning UKIP supporters aren't enough to transform Tory fortunes.

Just like his EU "veto" in December 2011, David Cameron's promise of a referendum on UK membership has won the Tories a poll bounce. A ComRes survey for tomorrow's Independent on Sunday and Sunday Mirror shows that Cameron's referendum pledge has boosted support for the Conservatives by five points and more than halved Labour's lead to six (although support for the latter is unchanged at 39 per cent). The rise in Tory support from 28 per cent last month to 33 per cent has come almost entirely at the expense of UKIP, which is down four points to 10 per cent. At the same time, the number of people agreeing that Cameron "is turning out to be a good Prime Minister" has risen by five points to 32 per cent, while the number disagreeing has fallen by six to 46 per cent, giving him a net approval rating of -14, his best score since June 2011.

The sudden surge in Tory support, albeit from an unusually low base of 28 per cent, will cause some discomfort in Labour circles and lead more to conclude that Ed Miliband has miscalculated by refusing to match Cameron's offer of a referendum. If the Tories are only six points behind in mid-term, who's to say they won't win the next election?

There are, however, at least two reasons why Labour shouldn't panic. First, just like the Tory poll bounce following the PM's EU "veto", the surge in support may prove to be only temporary. After a week of favourable coverage from the media (almost all of the fieldwork took place before the negative GDP figure was released), it would be unusual if the Tories' standing hadn't improved. One of Miliband's strengths is that he isn't swayed by short-term fluctuations in the polls and I expect this occasion will prove no exception.

Second, it was always likely that a large number of UKIP supporters would return to the Conservative fold before the next general election. Cameron's promise of a referendum may merely have accelerated the process. The biggest problem for the Tories remains that they are in retreat in those areas - the north, Scotland, Wales - that denied them a majority at the last election.

Finally, it's worth remembering that just six per cent of voters regard the EU as one of the most "important issues" facing Britain. The outcome of the next election will be determined by growth, jobs and public services - the issues that matter to most people. The promise of an EU referendum might have won the Tories back some support from UKIP but, on its own, it won't be enough to transform the party's fortunes.

Update: Part of the shift in support for the parties is attributable to a change in methodology by ComRes. At UK Polling Report, Anthony Wells calculates that without this the numbers would have been: Labour 37 (-2), Conservatives 32 (+4), Liberal Democrats 11 (+2), UKIP 13 (-1), so there would have been a slightly smaller increase in support for the Tories and a significantly smaller fall in support for UKIP.

YouGov's poll for the Sunday Times also shows an increase in support for the Tories, who are up two points to 35 per cent, their best rating in a YouGov survey this year. Labour are down two points to 41 per cent, with the Lib Dems up two to 12 per cent and UKIP down two to seven per cent.

A Survation poll for the Mail on Sunday has the Conservatives up two to 31 per cent, Labour unchanged on 38 per cent, the Lib Dems down one to 10 per cent and UKIP down two to 14 per cent.

David Cameron delivers his speech on the EU at Bloomberg's headquarters in London earlier this week. Photograph: Getty Images.

George Eaton is political editor of the New Statesman.

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In your 30s? You missed out on £26,000 and you're not even protesting

The 1980s kids seem resigned to their fate - for now. 

Imagine you’re in your thirties, and you’re renting in a shared house, on roughly the same pay you earned five years ago. Now imagine you have a friend, also in their thirties. This friend owns their own home, gets pay rises every year and has a more generous pension to beat. In fact, they are twice as rich as you. 

When you try to talk about how worried you are about your financial situation, the friend shrugs and says: “I was in that situation too.”

Un-friend, right? But this is, in fact, reality. A study from the Institute for Fiscal Studies found that Brits in their early thirties have a median wealth of £27,000. But ten years ago, a thirty something had £53,000. In other words, that unbearable friend is just someone exactly the same as you, who is now in their forties. 

Not only do Brits born in the early 1980s have half the wealth they would have had if they were born in the 1970s, but they are the first generation to be in this position since World War II.  According to the IFS study, each cohort has got progressively richer. But then, just as the 1980s kids were reaching adulthood, a couple of things happened at once.

House prices raced ahead of wages. Employers made pensions less generous. And, at the crucial point that the 1980s kids were finding their feet in the jobs market, the recession struck. The 1980s kids didn’t manage to buy homes in time to take advantage of low mortgage rates. Instead, they are stuck paying increasing amounts of rent. 

If the wealth distribution between someone in their 30s and someone in their 40s is stark, this is only the starting point in intergenerational inequality. The IFS expects pensioners’ incomes to race ahead of workers in the coming decade. 

So why, given this unprecedented reversal in fortunes, are Brits in their early thirties not marching in the streets? Why are they not burning tyres outside the Treasury while shouting: “Give us out £26k back?” 

The obvious fact that no one is going to be protesting their granny’s good fortune aside, it seems one reason for the 1980s kids’ resignation is they are still in denial. One thirty something wrote to The Staggers that the idea of being able to buy a house had become too abstract to worry about. Instead:

“You just try and get through this month and then worry about next month, which is probably self-defeating, but I think it's quite tough to get in the mindset that you're going to put something by so maybe in 10 years you can buy a shoebox a two-hour train ride from where you actually want to be.”

Another reflected that “people keep saying ‘something will turn up’”.

The Staggers turned to our resident thirty something, Yo Zushi, for his thoughts. He agreed with the IFS analysis that the recession mattered:

"We were spoiled by an artificially inflated balloon of cheap credit and growing up was something you did… later. Then the crash came in 2007-2008, and it became something we couldn’t afford to do. 

I would have got round to becoming comfortably off, I tell myself, had I been given another ten years of amoral capitalist boom to do so. Many of those who were born in the early 1970s drifted along, took a nap and woke up in possession of a house, all mod cons and a decent-paying job. But we slightly younger Gen X-ers followed in their slipstream and somehow fell off the edge. Oh well. "

Will the inertia of the1980s kids last? Perhaps – but Zushi sees in the support for Jeremy Corbyn, a swell of feeling at last. “Our lack of access to the life we were promised in our teens has woken many of us up to why things suck. That’s a good thing. 

“And now we have Corbyn to help sort it all out. That’s not meant sarcastically – I really think he’ll do it.”