MOSCOW (Pakistan Point News / Sputnik - 27th September, 2022) The UK Labour Party gained the highest level of citizen support over the ruling Conservative Party in 20 years, following the release of an economy growth plan by the government, according to a YouGov poll commissioned by The Times newspaper.
On Friday, UK Chancellor of the Exchequer Kwasi Kwarteng unveiled a new 60-billion-pound growth plan to support the country's economy amid rising costs of living. The plan includes canceling the planned rise in corporation tax, keeping it the lowest in the G20 at 19%. Since the announcement, the yield on the United Kingdom's five-year government bonds has risen to its highest level since 2008, at 4.6%, which means a lower demand for British debt securities, triggering a barrage of criticism against Prime Minister Liz Truss' government.
The survey showed that the Labour party is leading the Conservatives by 17 percentage points. This is the highest level of support since Tony Blair, the first Labour prime minister, won the general election in 2001. There is opposition even among traditional conservative supporters.
Overall, the Conservatives support fell by four percentage points to 28%, while Labour support rose five points to 45%.
According to the poll, 72% of respondents opposed the decision to reduce the maximum income tax rate to 40% for those who earn more than 150,000 Pounds ($162,233) a year. Meanwhile, 69% of respondents said they voted for the Conservatives in 2019. In addition, 71% of the public disagreed with the decision to lift restrictions on the payment of bonuses to bankers.
Only 9% of those who voted believe that the measures outlined by Kwarteng will improve their financial situation and 25% believe that the government has a clear plan for managing the economy.