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Budget 2012 – Which? consumer poll makes grim reading

73% expect little or no improvement in finances

Budget 2012 George Osborne Three quarters of consumers expect little or no improvement in their household finances in the coming year following this week’s Budget

New Which? polling, conducted after yesterday’s 2012 Budget, has found that three quarters of consumers (73% per cent) expect little or no improvement in their household finances over the next 12 months.

One in three said the Budget leaves them less confident that they will be able to pay for day-to-day essentials, while two thirds say their confidence in the economy is unchanged or has worsened.

Key findings of Which? post-Budget polling

  • 64% of people have said the Budget has either decreased or made no difference to their confidence that the economy will improve over the next 12 months
  • The majority of consumers (73%) expect little or no improvement in their household finances over the next 12 months
  • One in three people said, for the UK as a whole, they expect things to keep getting worse and they cannot see them getting better
  • 81% of people said the Budget has made no difference or has left them feeling less confident in their ability to pay for day-to-day essentials (for example, food and energy bills)
  • Consumer confidence on spending remains low, with 63% saying the Budget made ‘no difference’ to their willingness to make large purchases (such as TVs, washing machines and holidays)

Support for rise in personal allowance

The new poll of 2,083 adults, conducted for Which? by polling organisation Populus, found strong support for a rise in the personal tax allowance (92%) and a new level of stamp duty of 7% for those buying properties worth more than £2 million (77%).

While 60% of people were less positive of the impact of the Budget for them and their family, they were more positive about the impact of the Budget on the UK as a whole (46%).

Budget 2012 poll makes grim reading for struggling consumers

Which? executive director, Richard Lloyd said: ‘Our analysis makes grim reading with the majority of people feeling that things will either stay the same or continue to get worse both for the country and their family over the next year.

‘We know consumer confidence is already low, with many people struggling to make ends meet, putting off major purchases, cancelling holidays and spending their savings on everyday essentials, a trend that looks set to continue.

‘Based on what we are hearing from consumers, this is a Budget that is unlikely to get people spending anytime soon.’

More on this…

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  • Reclaim your PPI – how to reclaim if you’ve been mis-sold payment protection insurance
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