Support for Labour has increased despite the controversial Budget delivered by Rachel Reeves. According to the latest Techne UK tracker poll for The Independent, Labour’s rating has risen to 30 per cent, the highest it has been in almost a month. This increase comes even after accusations that Labour broke multiple manifesto promises with the tax-raising Budget.
The Tories, who are currently leaderless and will announce their replacement for Rishi Sunak soon, have remained at 24 per cent in the polls. Nigel Farage’s Reform UK party has dropped to 18 per cent, losing a point, while Sir Ed Davey’s Lib Dems are up to 14 per cent and the Greens remain unchanged at 7 per cent.
Rachel Reeves’ Budget has dominated the headlines this week, shifting the news agenda away from allegations of sleeze and freebies in Keir Starmer’s government. Despite the criticism of the Budget, Techne UK chief executive Michela Morizzo believes that it was “good politics” and has actually helped the Labour Party gain support.
Morizzo explains that the increased spending on the NHS and education in the Budget will support public services and boost domestic demand growth in the short term. However, higher corporate taxes and new capital gains tax rates may have a negative impact on small and medium-sized businesses, limiting hiring and investments.
In the medium term, the Budget aims to create a more stable and resilient economy by shifting resources towards more productive uses. However, there are concerns about the increase in public debt to support these expenditures, which could lead to a decrease in purchasing power in the long term.
The poll conducted on Wednesday and Thursday shows that trust in the government remains low at just 32 per cent. Older voters are continuing to support the Tories, especially in the over-55 age category. Reform UK is now only one percentage point behind Labour among pensioners.
More concerning for Keir Starmer is the fact that over a quarter of those who voted Labour in July are not willing to do so again. This indicates a potential loss of support for the party. Despite the controversy surrounding the Budget, Labour has managed to increase its poll ratings, showing that there is still strong support for the party.
