John Healey’s Budget will make “no difference” to the UK economy, voters have said, as concerns over stealth taxes and defence spending overshadowed a series of giveaways in the Chancellor’s maiden fiscal statement.

Polling by /Freshwater Strategy showed that about half of voters expected the Budget to make “no difference” to Britain’s economic fortunes. 

More respondents said it would improve the UK economy than those who said it would make things worse at 24 versus 22 per cent of the share. 

Healey’s Budget raised taxes by more than £7bn in three years by temporarily raising levies on banking profits and increasing rates on income from property and savings. 

The Chancellor also announced a new tax relief for founders and a £2.6bn energy support made in direct payments to the bank accounts of some 20m households across the country. 

His measures, which led to little reaction in both Westminster and the markets, were overshadowed by economists’ bleak forecasts showing that living standards in the 2020s would be “grim” by comparison to past decades. 

Healey urged to unfreeze tax thresholds

Healey and Andy Burnham are now gearing up for a series of critical set-pieces, including the publication of two welfare reviews, a summit with the EU and a 10-year plan speech by the end of the year. 

New announcements will set Healey up for a crunch Spending Review next year. In his Budget, Healey set himself a “target” to raise defence spending to three per cent of GDP by 2030. A government-wide agreement to departmental settlements after 2030 will come after the Office for Budget Responsibility revises its forecasts on public finances, which showed borrowing costs to be higher than previously estimated. 

Polling showed that voters believed defence was a top-three priority, above areas such as job security, cutting taxes and house building. 

The data also showed the government is under pressure to unfreeze tax thresholds, which are forcing millions of people to pay higher rates as wages and inflation rise over time. Burnham has previously suggested he wanted to lift thresholds in order to help people with the cost of living. 

A majority of people, 53 per cent, said income tax thresholds should rise with inflation, even if it meant less cash was put in public services. Around 38 per cent said they would keep thresholds frozen.

Method note: Freshwater Strategy interviewed n=1,219 eligible voters in the UK, aged 18+ online, between 30 October – 1 November 2026. Margin of Error +/- 2.8%. Data are weighted to be representative of UK voters. Freshwater Strategy are members of the British Polling Council and abide by their rules.