The government has lost its polling lead on the economy, even among Labour-ultras, the party’s limited but loyal base. Today the government has the trust of just 21.9 per cent of voters to manage the economy, compared to 22.1 for the Conservatives.
According to the Britain Elects poll tracker, Labour’s polling position on the economy today is as bad as Liz Truss’s was during her brief and hectic premiership. A majority of voters have confidence in neither of the two main parties. But this is not necessarily that uncommon. During the Corbyn years, when the Conservatives and the Labour were polling at a combined total of 80 per cent of the vote, not even 60 per cent of the electorate had faith in either of them to keep the books healthy.
But these latest figures are stark, nonetheless. First, because of the speed of the decline in favourability. Labour entered Downing Street 14 points ahead of the Tories on the economy. Within a year, that advantage was squandered. Compare that to previous governments and “sorry sight” doesn’t half cover it.
In 1992 the Conservatives faced a serious polling crash and general backlash over Black Wednesday. Their ratings on the economy were so poor the next election was all but guaranteed for the opposition. Keir Starmer’s polling crash is second in severity, only to Black Wednesday
The second reason why these figures are so stark is that the collapse in confidence is also coming from Labour’s own supporters. Just half of those who voted for Keir Starmer in 2024 now say – in a choice between Labour or the Conservatives – that they would trust Labour with the economy.
The economy is a catch-all issue for competence. Behind it, lies the critical issue for the British electorate: cost of living. If voters trust you on the cost of living you can keep your own lights on. It is the source of the primary current of voter apathy.
And so, most voters, irate or not with the winter fuel decision, vexed or not with welfare reform, are primarily looking for relief on their cost of living. And until they receive it, they will punish the government at the polls. And the ballot box.
[See more: Corbyn and Sultana declare war on Labour from the left]
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