Britain braced for Budget carnage: New report reveals nation trapped in a “doom loop” of misery and plunging trust
New poll lays bare Britain’s mounting economic despair as trust in Labour collapses, tax fears surge and voters believe the cost-of-living crisis will never end
Britain is staring down the barrel of yet another bleak Budget, with a damning new report from More In Common warning that the country is stuck in a worsening “doom loop” of economic despair, collapsing confidence and political chaos.
A country losing hope
On the eve of the Government’s second Budget, more than half the country now believes we’re already in recession. And despite the cost-of-living crisis slipping from the headlines, ordinary families say the pain is far from over. A staggering 57% don’t believe the crisis will ever end—the highest level of pessimism since tracking began in 2022.
Across the country, people are being forced to cut back on even the basics: shopping around for deals (44%), nights out scrapped (43%), and heating dialled down just to stay afloat (39%). The British public’s verdict on the nation’s direction? Utterly grim. Three-quarters say the economy is in a bad way, nearly as many fear government finances are collapsing, and public services are described as crumbling.
Reeves and Starmer hit rock bottom
After weeks of chaos, mixed messages and bitter infighting, confidence in the Labour leadership has collapsed to historic lows. Both Two Tier Keir Starmer and Rachel from Accounts have plunged to their worst-ever approval ratings—a dire -51 and -52 respectively.
A brutal 76% of Britons say they have little to no confidence in Reeves’ ability to run the economy. Incredibly, voters now say they trust former Tory scammer Rishi Sunak more on almost every measure: 63% think he’d make a better PM than Starmer, 68% prefer him as Chancellor, and 60% believe he was the one telling the truth during the election.
And in a devastating blow for Labour, breaking their pledge not to raise taxes on working people is seen as a deeper betrayal than Partygate itself.
Tax rises? Britain says no
The public knows the nation faces tough choices—but they don’t buy the idea that broad tax hikes are the only answer. A clear majority (57%) say there are better options than hammering working people yet again. Opposition to tax rises has hardened sharply since the election, with two-thirds now saying the Government should cut its own spending first.
Most want targeted taxes on the wealthy and big business instead. Measures like higher taxes on online betting and a mansion tax on homes over £1.5 million are hugely popular—unlike anything that touches the wallets of ordinary earners.
A Budget no one believes in
And with Budget Day looming, Britain is bracing for the worst. Two-thirds of the public are flat-out pessimistic about what Reeves is about to unveil. Seventy-one per cent expect their taxes to go up; 67% say they’ll have to cut spending afterwards. Only Labour loyalists and the very highest earners express even a flicker of optimism.
The report’s final verdict is damning: a Government flailing from crisis to crisis, desperately choosing “the least unpopular option” instead of taking the tough decisions needed to fix a broken economy and start building Our Fair Future.
In short: Britain is braced—but few believe relief is coming.