More than 1 in 2 IFAs (53%) question the economic competency of the Labour Government, a new poll has found.

Less than 1 in 10 IFAs (10%) believe the current Labour Government is better for business than the Conservatives, according to a new survey of 200 financial advisers carried out by pollster Opinium in September.

On the eve of the Budget, the survey also found that almost half IFAs (47%) feel the government does not have the nation's “best interests” at heart.

The survey found widespread concern about Labour’s economic management ability as Chancellor Rachel Reeves prepares to announce her Budget just after 12.30pm today.

Only 8% of IFAs believe the current Labour Government is better for their business and would prefer a Conservative regime (46%), the survey found.

Many IFAs also report this sentiment as being mirrored among their clients with just 8% of IFAs saying that their clients show sentiments of support for Labour, compared to 53% favouring a Tory Government.

Some 55% of IFAs expressed concerns about Labour's ability to handle important issues.

With tax rises likely to be announced today, 24% of IFAs currently believe that National Insurance (NI) rates are already too high, as well as stamp duty (59%) and fuel duty (53%).

Many IFAs said they prefer the Conservative approach to business growth and fiscal management.

Alexa Nightingale, global head of financial services research at Opinium, said: “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.”

• Opinium Research carried out an online survey of 200 Financial Advisers, between 19th – 30th September 2024. 

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