UK Voters Doubtful of Hunt's Tax Cuts Impact on Finances

According to Yahoo News, a recent poll reveals that most UK voters do not believe the tax cuts proposed by Chancellor of the Exchequer Jeremy Hunt will improve their personal finances or the country's economy. This could be a concerning sign for Prime Minister Rishi Sunak's government as they face a potential election next year. The Deltapoll survey found that 52% of adults believe the measures, including personal taxation cuts, will make 'no real difference' to their household's financial situation. Additionally, 19% said it would worsen their household finances, while only 16% believed it would improve them. Sunak is attempting to regain support from voters who have shifted to the opposition Labour Party in the past year. The Conservative Party is currently trailing Labour by around 20 points, and an election must be called by January 2025. Despite the emphasis on tax cuts by Sunak's administration, the poll indicates that British voters prioritize investing in public services and reducing inflation over lowering taxes. In fact, 30% of those surveyed cited reducing inflation as their top priority, followed by 20% focusing on growing the economy, 12% on public service investments, and 11% on lowering taxes. Paul Johnson, director of the Institute for Fiscal Studies, warned last week that the government's tax cuts are being funded by spending cuts to public services and government investment. Unprotected areas, such as prisons, face cuts of 3.4% a year to 2028, amounting to a £20 billion decrease in spending. Despite this, the poll found that 71% of respondents support the two-percentage-point reduction to national insurance contributions, with only 12% opposing. However, these proposals have not changed the overall negative perception of the government's handling of the economy, with 60% of respondents believing it has been managed 'fairly' or 'very' poorly, and only 19% saying it was being handled fairly or very well.