A new Ipsos poll for The Standard reveals that 58% of British adults believe the worst of the cost-of-living crisis is still to come, while 35% think the situation has already passed. The findings are an improvement from January last year, when 67% feared the crisis would deepen.
Inflation has fallen from a peak of 11% in October 2022 but remains around double the Bank of England's 2% target. Although many workers have seen pay rises outstrip inflation recently, a real-terms income squeeze continues for others.
Half of Britons (52%) expect general economic conditions to worsen over the next year, with 24% expecting improvement, giving an Economic Optimism Index of -28. Pessimism is highest among 18-34-year-olds (68%), ethnic minorities (67%), and renters (63%).
Labour holds a significant advantage on economic trust: 37% say Labour has the best policies to reduce the cost-of-living crisis, more than double the 16% for the Conservatives. Additionally, 28% believe they would be better off under Labour, versus 14% under the Tories, though 53% say it would make no difference.
Gideon Skinner, head of political research at Ipsos, noted: 'Jeremy Hunt goes into the Budget with public pessimism not quite as bad as a year ago, but still with many people worried things will get worse. The economy is a key factor in the upcoming election, and Labour currently has the advantage.'
The poll of 1,004 adults was conducted by phone between February 21 and 28. Data are weighted.
