Labour grasps biggest lead in polls in two decades following Conservative economic turmoil

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The Labour party has experienced its biggest lead in the polls over the Conservatives in two decades.

Following the crash of the pound and Kwasi Kwarteng’s tax-cutting mini budget, Tory MPs and voters are criticising Liz Truss and her Cabinet over their economic decisions which are fuelling concerns of an economic crash. The pound nosedived to its lowest level against the dollar since decimalisation in 1971, as it fell more than four percent.

The YouGov poll demonstrated the public backlash against the Conservative Party including among Tory voters due to the Chancellor’s announcement last week.

The Chancellor’s plan, which removed the 45 percent rate of tax for top earners, was opposed by 72 percent of voters which included 69 percent of those who supported the Tories in 2019.

Meanwhile, 71 percent of the electorate rejected the decision to remove restrictions on bankers’ bonuses with 67 percent being Tory voters.

Only nine percent of voters believed the new economic plan would benefit them and 15 percent thought the strategy would kickstart economic growth.

Meanwhile, the polling showed that following the economic turmoil from the Conservatives, the Labour Party has taken a 17-point lead over the Tories.

The support for the Tories fell by four points to 28 percent while Labour increased by five points to 45 percent.

A Conservative source said: “If your plan is unpopular with the markets but popular with voters, then that’s an okay place to be.

“But if you’ve spent all this money and it’s unpopular with everyone, then that is very dangerous.”

The budget will benefit approximately 660,000 of the highest earners who will earn back on average £10,000 per annum.

READ MORE: Graham Norton sparks Twitter fury over Rowling’s ‘transphobe’ probe

Labour’s Rachel Reeves has slammed the Prime Minister and Mr Kwarteng for “behaving like two gamblers in a casino chasing a losing run.”

On social media people have slammed Liz Truss for refusing to listen to the former Chancellor, Rishi Sunak’s financial advice during the Tory leadership contest.

Felicity Cornelius-Mercer tweeted a clip of Mr Sunak debating with Ms Truss calling her financial plan “irresponsible” and a “fairy tale”.

Ms Cornelius-Mercer added: “Tough day @trussliz at least no one could have predicted this…oh wait a sec…what was that you said @rishisunak.”

In another blow for the new PM, recent betting data from BetData shows that former Prime Minister Boris Johnson is now the betting favourite for the next leader of the Conservative Party.

Mr Johnson is at 13 percent with Kemi Badenoch at 12 percent and Rishi Sunak at eight percent.



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