A majority of Britons fear that the cost-of-living crisis has yet to peak, a new poll reveals.
The Ipsos survey for The Standard found 58 per cent of adults are worried that the worst of the cost-of-living crisis is still to come, while 35 per cent think this dire situation has already passed.
The findings are not quite as bad as in January last year when 67 per cent thought the crisis was going to deepen, and 27 per cent that it was already easing.
Inflation has fallen from a peak of 11 per cent in October 2022 but is still around double the Bank of England’s monetary policy target of two per cent.
Millions of workers have in recent months seen pay rises outstrip inflation, but for many others a real-terms squeeze on their income continues.
Half of Britons, 52 per cent, believe the nation’s general economic conditions will get worse over the next 12 months, and 24 per cent that it will improve, giving an Economic Optimism Index of -28, little changed since last month.
Most pessimistic are young people with 68 per cent of 18 to 34-year-olds thinking it will get worse, individuals from ethnic minority communities, 67 per cent, and renters, 63 per cent.
Thirty-seven per cent say Labour has the best policies to reduce the cost-of-living crisis, more than double the 16 per cent for the Tories.
Twenty-eight per cent of adults believe they and their family would be better off under a Labour government, double the 14 per cent for a Tory administration, but 53 per cent said it would make no difference which party was in power.
Gideon Skinner, head of political research at Ipsos, said: “Jeremy Hunt goes into the Budget with public pessimism over the economy not quite as bad as a year ago, but still with many people (especially the young) worried that things will get worse before they get better.
“The economy is shaping up to be a key factor in the upcoming election, for both Conservative and Labour voters, and at the moment Labour have the advantage.
“The Chancellor will want optimism to start improving more rapidly after tomorrow if he’s going to retake the initiative, but his opponents have kept a pretty consistent lead on the cost of living issue for the last 18 months.”
Forty-three per cent disagree that “Labour does not have the necessary knowledge to run the economy properly”, more than the 33 per cent who agreed with this statement.
* Ipsos interviewed 1,004 adults in Britain by phone between February 21 and 28. Data are weighted. Full details at ipsos.com/en-uk
