A recent survey has found that 53% of Independent Financial Advisors (IFAs) are sceptical about the Labour Government’s competency in managing the economy, revealing significant concern over its economic policies and decision-making.
Only 8% of the IFAs polled believe the Labour Government is better for their business, while 46% favour the Conservative approach.
This sentiment appears to be echoed among clients, with just 8% of IFAs reporting support for Labour among their client base, compared to 53% who favour the Conservative Party.
The survey results indicate deep reservations among IFAs about Labour’s intentions, with 47% expressing doubts that the government has the nation’s best interests at heart. Furthermore, 55% of respondents expressed a lack of confidence in Labour’s ability to handle key economic challenges.
As the UK braces for potential tax rises in this week’s Budget, 24% of IFAs believe that National Insurance (NI) rates are already too high, with more notable concerns surrounding stamp duty (59%) and fuel duty (53%).
This widespread scepticism points to a preference for the Conservative approach to fiscal management and business growth among financial professionals.
Commenting on the findings, Alexa Nightingale, global head of financial services research at Opinium, said: “These survey results highlight a clear lack of confidence in the Labour Government’s ability to manage the economy effectively.
“Although such tremors are not unusual during a new Budget, concerns are not just being voiced amongst industry professionals, but from their clients too.
“With more than half of IFAs questioning Labour’s competency and significant concerns around taxation and decision-making, it’s evident that financial professionals and their clients are looking for more from the Government.”
