The Labour Party is pulling ahead of the Tories as the party most trusted to reduce the cost of living crisis, according to a fresh poll.
A survey by Ipsos found the opposition has started extending its lead over the Conservatives on managing the budget.
They found that 44 per cent of the public trusted Labour to manage Britain’s taxes and spending, up from 35 per cent in July, and a seven-point lead over the Conservatives.
On cutting the cost of living, 45 per cent trusted Labour while only 30 per cent trusted the Conservatives – more than doubling the gap between the two parties reported in July.
“The Labour Party are now pulling ahead as the party most trusted to reduce the cost of living and manage Britain’s taxes and public spending, but still only by a minority.”
– Trinh Tu from Ipsos
The poll of 2,000 British adults was carried out between August 9 and 11, before Labour announced its policy of freezing energy bills for six months on Monday.
The survey found that 66 per cent of people think the government is not providing enough help as rising energy bills hit the headlines, while only 28 per cent think current measures are about right or too much.
These figures represent a worsening of the government’s position in the eyes of the public since it last announced measures to help households weather the cost-of-living crisis in late May.
Following that announcement, the proportion of the public saying the government was not doing enough fell from 76 per cent to 49 per cent.
But a deteriorating economic picture now appears to have reversed that trend, as forecasts from the Bank of England suggest inflation will peak higher and later, while energy bills are set to exceed £4,000 next year.
Boris Johnson himself admitted on August 12 that current support measures are insufficient, but has ruled out taking further action before his successor as prime minister is announced on September 5.
Trinh Tu, managing director of public affairs at Ipsos, said: “The Labour Party are now pulling ahead as the party most trusted to reduce the cost of living and manage Britain’s taxes and public spending, but still only by a minority, highlighting Keir Starmer’s own challenges as he finally sets out Labour’s plans to relieve cost-of-living pressures.”
Earlier this week Starmer set out Labour’s £29 billion emergency plan to stop energy bills rising over the winter – paid for in part by an extension of the windfall levy on the profits of the oil and gas companies.
The Labour leader said that under his party’s “fully-funded” proposals, consumers would not pay “a penny more” for their gas and electricity over the coming months, saving the average household £1,000.
However the Institute for Fiscal Studies (IFS) questioned Labour’s explanation as to how it would fund the support package, saying some of its proposals were an “illusion”.
His intervention ramped up pressure on the contenders for the Tory leadership – Liz Truss and Rishi Sunak – to spell out what they would do to help families struggling with soaring bills, if they become prime minister.