A month after Rachel Reeves’s first Budget as Labour Chancellor, research conducted among independent financial advisers (IFAs) by Opinium revealed widespread dissatisfaction.
Despite 82% of IFAs anticipating the proposals outlined in the Budget, 79% expressed unhappiness with the measures announced, while nearly a fifth (19%) did not expect the announcements made.
Looking ahead, only 9% of IFAs believed the Budget would positively impact their business, and just 6% foresaw any benefits for clients.
The majority, 76%, felt the Budget does not reflect what British people voted for, contributing to growing discontent.
As a result, 72% of IFAs now hold a more negative view of the Labour Government.
Alexa Nightingale, global head of financial services research and partner at Opinium, said: “The findings highlight growing concerns among financial professionals, who argue that the Budget fails to address the real needs of businesses and consumers, further eroding confidence in the government’s economic approach.
“It will be interesting to see how announcements that were set out in the Budget unfold as we move towards 2025, especially given ongoing questions surrounding the choices that have been made, and the social groups they will impact.”
