A recent survey reveals significant scepticism among Independent Financial Advisors (IFAs) regarding the Labour Government’s economic management.
- Over half of surveyed IFAs are doubtful about Labour’s ability to handle key economic issues, preferring Conservative policies.
- Only a minority believe the Labour Government benefits their business, with a larger percentage favouring Conservative approaches.
- Many IFAs and their clients express concerns over potential tax rises and current tax rates, including stamp and fuel duties.
- The survey highlights a lack of confidence in the Labour Government’s intentions, reflecting worries about their economic direction.
The survey, conducted among Independent Financial Advisors (IFAs), indicates that 53% harbour doubts about the Labour Government’s competence in managing the economy. This scepticism encompasses serious concerns about economic policies and decision-making processes.
A mere 8% of the IFAs believe that their business prospects would be better under Labour Government policies, with a notable 46% showing a clear preference for Conservative economic strategies. This inclination towards Conservative policies seems to resonate with the clients of these advisors as well, with only 8% expressing support for Labour, compared to a significant 53% favouring the Conservative Party.
This sentiment of scepticism extends to the belief in Labour’s intentions, where 47% of IFAs question whether the government acts in the nation’s best interest. Furthermore, the ability of Labour to tackle key economic challenges instigates doubt in 55% of the respondents surveyed.
With the UK on the brink of potential tax hikes in the upcoming Budget, these concerns are amplified. Notably, 24% believe that National Insurance rates are already excessive, and there is considerable apprehension about stamp duty and fuel duty, with 59% and 53% expressing discontent respectively.
According to Alexa Nightingale, global head of financial services research at Opinium, these findings underscore a pervasive lack of confidence in Labour’s capability to manage economic matters effectively. Nightingale noted that, while uncertainty is typical around a new Budget, these concerns are echoed not just within the financial advisory industry but also among their clientele.
This broad scepticism among financial professionals indicates a critical demand for greater economic assurance from the Labour Government.
