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Rachel Reeves is rapidly becoming as unpopular as Kwasi Kwarteng, the Chancellor behind Liz Truss’s catastrophic mini-budget.
The current Chancellor’s approval ratings are plummeting towards the historic lows seen during the 2022 financial crisis that ended Truss’s premiership after just 49 days.
A damning Ipsos poll released yesterday shows just one in five believe Reeves is doing a good job, with half saying she is performing badly.
Her approval rating stands at -32, just five points above Kwarteng’s post-mini-budget score of -37.
The poll was conducted as Reeves unveiled a fresh round of benefit cuts in her Spring Statement.
The Department for Work and Pensions warned these cuts will push 250,000 more people, including 50,000 children, into poverty.
Ipsos director of UK politics Gideon Skinner warned: “No Chancellor of the Exchequer wants their job approval to be compared to Kwasi Kwarteng’s time in Number 11, but Rachel Reeves current scores are nearing his post mini-budget levels.”
The influential Institute for Fiscal Studies warned pensioners and the wealthy could face a shock tax raid in the autumn.
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IFS Director Paul Johnson raised concerns that the chancellor has not left herself enough headroom to withstand economic challenges.
Donald Trump’s announcement of 25 per cent tariffs on car imports poses a particular threat that could leave the chancellor with a financial black hole.
Skinner added: “Sometimes fiscal events look better – or worse – in hindsight, and it is delivery on issues such as the cost of living, economic growth, public services and immigration that will really count.”
“But our research suggests Rachel Reeves is in for more difficult days as chancellor.”
Her approval rating stands at -32, just five points above Kwarteng’s post-mini-budget score of -37
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