UK Budget: State of the Nation

In our latest study, we explored public sentiment surrounding the UK Autumn Budget, presented on October 30th, 2024. This budget, the first from Labour in over a decade, sought to strike a balance between driving economic growth and maintaining financial stability. It aimed to address long-standing issues in public services while navigating a fraught economic climate.

In the lead-up, only 13% of respondents felt optimistic about the budget. A more significant portion, 40%, expressed pessimism, fearing tax hikes and further financial strain. This trepidation was shared across party lines, with even a third of Labour voters concerned about the potential impact.

The budget’s content confirmed some of these fears. To prioritise public welfare, the government proposed scaling back on tax breaks and implementing spending cuts in areas deemed non-essential. These changes come amid an ongoing cost-of-living crisis, with many households already adopting austerity measures such as reducing travel, dining out, and energy consumption.

Despite the immediate backlash, our data hints at a subtle shift in public perception. Some respondents acknowledged that while the budget might not directly benefit their personal finances, it signals a necessary course correction for long-term national improvement. As these policies take root, we’ll be monitoring whether this cautious optimism solidifies into broader public support, or if skepticism prevails. For now, the nation remains in a state of uncertainty, poised between hope and apprehension.