Citizens Gaze at Spring Statement: The Gravest Fiscal Blow Since the Mini‑Budget

Following Rachel Reeves’ Spring Statement on Wednesday, public opinion remains resolute negative towards the Chancellor and the government.

The latest polling from Opinium finds that more than two-in-five (43%) see the Spring Statement as a bad fiscal event, compared to only one-in-ten (12%) who see it as good.

This is worse than four out of five of the last fiscal events – better only than the much-criticized Mini-Budget of 2022, which three-in-five see as bad.

Perhaps one reason for the negative sentiment is a lack of purpose – when Brits were asked what they thought of the Statement, the most common answer was “Not Sure” (29%).

Despite the negative sentiment towards the Spring Statement, Rachel Reeves’ ratings appear to have bottomed out before the statement, with a net approval of -41% remaining similar to the week before.

Alternatively, Keir Starmer’s approval ratings took a small dip to -32% (down 3 points).

Despite the negative sentiment towards the Statement overall, many of the policies were generally seen to be a good idea. For example, the public backed the crackdown on tax avoidance (71% said it was good idea) and the overseas aid cut (57% said it was a good idea).

However, there was a negative sentiment towards cuts to health benefits (39% thought it was a bad idea), alongside the expansion of Heathrow through a third runway (35% thought it was a bad idea).

Despite general support for policies outlined in the Statement, the public believes there will be a negative effect for the vulnerable in society.

Almost three-in-five (58%) feel that disabled people will be negatively impacted by the Statement, following the announcement of welfare benefit cuts. Furthermore, half (50%) feel that those on lower incomes will be negatively impacted by the Statement – whereas those on higher incomes are seen to be positively impacted (6%).

This contrasts with October’s Autumn Budget, where those on lower incomes were seen to be the least hit by the announced measures: only 35% felt that Rachel Reeves’ last Budget would have a negative impact on those on lower incomes and 31% believed that they would actually be better off.

James Crouch, head of policy & public affairs at Opinium said: “Labour loves to remind the public of Liz Truss, but Rachel Reeves’ Spring Statement is the worst-rated fiscal event since the mini-budget in 2022. While some measures were popular, nothing the Chancellor said cut through the deep economic gloom gripping the country.”