Unemployment is Biggest Economic Concern for Britons
The vast majority of people in Britain think the national economy is in poor shape and few expect a swift recovery, a new Angus Reid Public Opinion poll has found.
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(08/29/10) -
Many people are pessimistic about the country’s economic future.
The vast majority of people in Britain think the national economy is in poor shape and few expect a swift recovery, a new Angus Reid Public Opinion poll has found.
In the online survey of a representative sample of 2,006 British adults, 86 per cent of respondents say the economy is in poor or very poor shape. Almost two thirds of respondents (63%) feel the same way about their own financial situation.
The results are consistent with the July Economic Panorama.
In the next six months, only 13 per cent of Britons think the economy will see a recovery. In contrast, 32 per cent of respondents think the situation will worsen further, and half (49%) expect things to remain the same.
A majority of Britons continue to believe that the recession will not be over until next year (21%) or after 2011 (45%).
Concerns, Inflation and Debt
Unemployment remains the top concern among Britons (40% have worried about it affecting their household in the past two months), followed by the value of investments (33%); the safety of savings (32%); being able to meet mortgage or rent payments (31%); and their employers facing serious financial problems (23%).
The vast majority of Britons expect petrol (87%) and grocery (84%) prices to go up. Many people also think that a new car (48%) and a new TV (38%) will cost more in the next six months. However, people have mixed feelings about property prices: 27 per cent say they will rise, but 30 per cent think they will fall.
Britons would mostly focus on paying debt and saving money if they had extra cash. Respondents were asked what they would do if they suddenly were given an extra £1,000. On average, people would allocate £259 to paying back debt; £202 to a savings bank account; £167 to cover daily expenses such as groceries; £121 towards a big purchase such as a car or a home improvement; £117 to pay for personal items such as gifts or a treat; £109 to invest in an ISA; and £26 to buy shares in a particular company.
The UK Economy Compared to Others
Many respondents say Britain’s economy compares poorly with that of most other industrialized countries, including China (53%), Germany (49%, +12 compared to last month), Australia (46%), Japan (41%), Canada (43%), the United States (29%), and France (29%, +5).
Political Leadership
Mervyn King, Governor of the Bank of England, remains the most trusted leader to handle the economy (51%). Prime Minister David Cameron is trusted by 47 per cent of Britons to make the right economic decisions (43% distrust him). Deputy Prime Minister Nick Clegg has the confidence of 41 per cent of respondents (46% distrust him).
Fewer respondents express confidence in George Osborne, Chancellor of the Exchequer (37%), and Labour Shadow Chancellor Alistair Darling (28%).
By a wide margin, the Conservatives remain favoured over Labour to rein in the national debt (57% to 18%), end the recession (44% to 25%), and control inflation (47% to 25%). Labour (38%) is slightly on top of the Tories (33%) in the category of creating jobs.
