A new survey reveals that 53% of Independent Financial Advisors (IFAs) doubt the current Labour government’s competency, signalling widespread concern over its economic management.
Additionally, only 8% of IFAs believe the current Labour Government is better for their business, instead favouring a Conservative regime (46%). Many IFAs are reporting that this sentiment is mirrored amongst their clients; amongst the IFAs polled just 8% reported that their clients show sentiments of support for Labour, compared to 53% favouring a Tory Government.
The findings reveal doubts about Labour’s intentions and decision-making, as 47% of IFAs feel the government does not have the nation’s best interests at heart. Furthermore, 55% expressed concerns about Labour’s ability to handle important issues.
With potential tax rises occurring in this week’s budget, 24% of IFAs currently believe that National Insurance (NI) rates are already too high, as well as stamp duty (59%) and fuel duty (53%). These findings reflect a broader scepticism among financial professionals about Labour’s economic policies, with many preferring the Conservative approach to business growth and fiscal management.
Alexa Nightingale, Global Head of Financial Services research at Opinium commented: “These survey results highlight a clear lack of confidence in the Labour government’s ability to manage the economy effectively. Although such tremors are not unusual during a new Budget, concerns are not just being voiced amongst industry professionals, but from their clients too.
“With more than half of IFAs questioning Labour’s competency and significant concerns around taxation and decision-making, it’s evident that financial professionals and their clients are looking for more from the Government.”
