A significant new opinion poll has delivered a stark verdict on Chancellor Rachel Reeves and the Labour government's first major budget, revealing widespread public scepticism and a dramatic loss of trust in the party's economic management.
Public Doubts Chancellor's Honesty
The exclusive YouGov survey for Sky News, conducted after the Budget 2025, found that 37% of Britons believe Rachel Reeves made the economic situation seem worse than it really was in the run-up to her fiscal statement. This is more than double the 18% who thought she was being broadly honest. Only 13% believed she underplayed the challenges.
This perception of exaggeration appears to have damaged the government's ability to sell its budget as a tool for tackling the cost of living. A mere 8% think the country will be better off because of the budget, and a paltry 2% believe it will benefit their own family. In contrast, 52% fear the nation will be worse off, with half of all respondents expecting their household finances to suffer.
A Devastating Blow to Economic Credibility
The poll's findings on economic trust are arguably the most damaging for Sir Keir Starmer and his Chancellor. When asked which party they would trust with the economy, only 10% now name Labour. This places them behind the Conservatives on 17%, Reform UK on 13%, and even below former Prime Minister Liz Truss, who oversaw the tumultuous 2022 mini-budget.
Furthermore, the data shows a collapse in confidence among Labour's own voter base. Just 57% of current Labour voters believe their party would do the best job managing the economy. Among those who voted for Labour in the 2024 election, that figure plummets to only 25%.
Personal approval ratings are also dire. 63% of all voters think Ms Reeves is doing a bad job, a view shared by 20% of current Labour supporters. For the Prime Minister, the picture is even grimmer, with 69% judging his performance negatively.
Broken Promises and Perceived Unfairness
The public's reaction extends beyond economic trust to a sense of betrayal. A clear majority, 57%, believe the Chancellor has broken Labour's election promises. The budget is also seen as unfair by 54% of respondents, including 16% of those who voted Labour.
There is also a generational divide in perceptions. While 20% think the budget focused too much on older people at the expense of the young, 23% hold the opposite view, indicating a challenging balancing act for the Treasury.
These findings come as a separate Sky News-Times-YouGov poll shows Labour and the Conservatives tied on 19% each, trailing behind Reform UK on 26%. This suggests the budget has failed to shift political momentum, instead cementing a decline in Labour's standing on its core issue of economic competence.
