You have to go back more than 40 years to find Brits this gloomy about their economy just one year after electing a new government. It was Margaret Thatcher’s first year in power in 1980, when inflation and strikes were raging, and now, it looks like history is repeating itself.
In the latest Ipsos polling, a whopping 68% of people in the UK say they expect the economy to get worse in the next year. That level of post-election pessimism hasn’t been seen since Thatcher’s early days. For context, after the first year of John Major or Tony Blair’s leadership, only about one in four people felt the same dread.
In today’s Britain, just 12% think things are going to get better. And when you break it down, women seem even more worried than men—72% of women believe the economy’s going downhill, compared to 63% of men.
And it’s not just the economy that has people stressed. According to The Express, when asked what the biggest issues facing the country are, more people mentioned immigration than any other issue. That’s right—four out of ten Brits say immigration is their top concern, beating out the economy and healthcare, both at 30%. Defence and foreign affairs follow at 20%, with inflation (17%), housing (13%), pensions and benefits (12%), and a mix of disillusionment in politics, poverty, and education (all 10%) trailing behind.
This all adds up to a pretty serious headache for Prime Minister Sir Keir Starmer’s government. The anxiety over immigration and the shaky economy isn’t just talk—it’s backed up by numbers showing the UK’s GDP is shrinking, inflation is ticking up, unemployment is rising, and over 46,000 migrants have crossed the Channel on small boats since Labour took office.
The divide in concern is sharp along political lines. Only 16% of Labour supporters called immigration a top issue, but that number jumps to 47% among Conservatives and soars to 80% among Reform UK backers. Age also plays a big role—half of Brits over 55 are worried about immigration, but that drops to just 29% among the 18 to 34 crowd. Interestingly, men and women are fairly aligned on this one, with 42% of men and 38% of women flagging immigration as a major concern.
Gideon Skinner, a senior director at Ipsos, pointed out just how dire the mood has become, saying, “The Ipsos archive shows the only newly-elected government facing a similarly challenging context in consumer confidence on its anniversary was Margaret Thatcher’s in 1980.”
Richard Tice, deputy leader of Reform UK, didn’t hold back, saying the “British people have every right to be concerned” and pointing the finger at rising taxes. “Millionaires are leaving this country in droves,” he said, “and choosing nations that incentivise business and growth. Our priority will be slashing wasteful government spending, ditching lunatic net-zero policies, and putting British jobs first.”
Still, the Treasury is pushing back on the negativity. A spokesperson pointed to several achievements since Labour’s election win, saying, “Since the election, interest rates have been cut four times, real wages have grown more than in the entire first decade of the last government and living standards are now higher.”
They added that Labour has inked big trade deals with the EU, US, and India, aiming to “protect jobs, cut business costs, and drive growth.” On top of that, the government is touting £113 billion in new investment, including £15.6 billion for city transport, £39 billion for affordable housing, £14.2 billion for Sizewell C nuclear plant, and £22.6 billion a year for research and development.
“This is how we’re delivering on our plan for change to put more money in working people’s pockets,” the spokesperson said.
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