Britain’s HNWIs would vote Labour and want the incoming government to prioritise growing the economy

by | Feb 23, 2024

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According to new polling data released today from wealth management firm, Saltus, the Labour Party is the most backed political party among British high net worth individuals (HNWIs), those with assets of more than £250,000. 

The data revealed that if a General Election were held today, 27% of HNWIs would vote for Sir Keir Starmer’s party, compared to just 16% for the Conservatives and 15% for the Liberal Democrats.

The Saltus Wealth Index, compiled with Dr Mike Peacey at the University of Bristol and based on a biannual poll of 2,000 HNWIs, tracks confidence in the UK economy and their own personal finances. The Index has risen to 64.4 in this edition, a rise of 4.9 points or 8% compared to November 2022, shortly after the Liz Truss Budget, which saw a notably negative impact on confidence. The Index, however, still sits well below highs of 67.7 recorded a few months prior to Truss becoming Prime Minister.

Despite this recent improvement, these respondents–still believe the Labour Party will win at a General Election and the party has the biggest support of this group, well ahead of the Conservatives. 31% think Labour would win the most seats, more than double those who think the Conservatives would come out on top, with just 13% thinking Rishi Sunak would lead the largest party in Parliament following a General Election.

 
 

It is only among HNWIs over the age of 55 where more say they would vote Conservative (29%) than Labour (21%). However, of this age group, an even wider margin exists when asked who they think would win, regardless of their own vote, with 70% saying Labour would take the most seats.

When asked about what HNWIs think the biggest priorities should be for the next government, regardless of the political party leading that government, growing the economy (23%), reducing inflation (19%) and increasing spending on the NHS (18%) were the three biggest priorities.

Mike Stimpson, Partner at Saltus, said: “It is clear that at this stage high net worth individuals expect the Labour Party to win the next General Election, regardless of their own personal political views. The votes of this cohort are important – their support is key to the UK if it is to succeed in the coming decades, with the confidence to invest, create jobs and support wider economic growth. Previous surveys undertaken by Saltus show confidence in the UK economy and in respondents’ own personal finances fell sharply following Liz Truss’s budget in the Autumn of 2022. There has been some recovery in confidence but not yet to levels prior to Truss’s tenure.

 
 

“Our research also demonstrates how broad the spectrum of political support is among this group. It is clear the Government still has much to do to win back their confidence and support.”

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