Fewer people believe cuts are necessary than at any time during Osborne’s tenure as Chancellor.
Fewer believe they are good for the economy than at any time since he realised that they really were bad for the economy and cancelled his original cuts programme in 2012/13 (see the Mainly Macro and Tax Research UK blogs for more information on that).
And, while more people believe they are fair than in early 2012, with an approval rating of MINUS 38, that’s no reason to boast.
The image above is self-explanatory. We think the economy has tanked, and we think Osborne and the Tories are responsible.
Having already set a gloomy tone in the run-up to today’s (March 16) statement, Osborne may find he has painted himself and his party into a corner.
Approval of government cuts has taken a significant hit – and confidence in Britain’s economy has lost a year’s worth of ground2015’s budget, the first all-Tory budget since 1996, was delivered in the early days of the present Conservative government – when government approval was at a three-year high and two of the policies George Osborne announced, raising the personal tax allowance and minimum wage, were supported by at least 80% of the British public.
As we recently reported, the honeymoon in government approval is now over. The year began with alarm bells ringing over the global economy, and Conservative in-fighting over the European Union referendum has distracted the process of government. The Chancellor goes into this year’s budget with the lowest approval rating (-24) since June 2013 (-27).
George Osborne has already warned of cuts “equivalent to 50p in every £100” in today’s budget, dispensing with the sunny tone of 2015 and suggesting a return to the hard work of ‘living within our means’ to withstand global shocks. However new YouGov research reveals a significant loss of appetite for cuts.
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