Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Guardian - UK
The Guardian - UK
Business
Phillip Inman, economics correspondent

UK voters want chancellor to act now to boost economy

George Osborne
Chancellor of the Exchequer George Osborne says 'reform, growth and fairness" are key to reform plans. Photograph: Handout/Getty Images

The chancellor is content to let the economy recover at its own pace, without further intervention from the government, but voters want him to boost growth.

According to an Ipsos Mori poll for Markit, the financial data providers, 98% of the 1,500 respondents want the government to crank up the Treasury's fiscal turbo charger to provide a stimulus.

The largest proportion of people questioned want it in the form of tax cuts – one that will favour consumers. Next on the list comes a boost to bank lending, which is favoured alongside higher infrastructure spending and a reduction in the scale of planned spending cuts.

The message is that voters are not happy to sit and wait. They want action now.

In his spending review, Osborne kept to his theme that the economy is healing. It is an image of a country on a hospital bed, religiously taking its medicine, waiting for the all-clear.

But as the chancellor will know, modern medicine dictates most patients are up and out of bed in just a few days to stimulate the healing process, while drugs dull most of the pain. The Bank of England is already providing the drugs, in the form of quantitative easing. Now, as the outgoing governor of the Bank of England, Sir Mervyn King, intimated on Tuesday, the chancellor needs to move more quickly. And a poll that registers a 98% approval for action is not to be ignored.

In the Treasury's offices in Great George Street, the polling tells a different story. There is a YouGov survey pinned to the wall that indicates a majority of voters favour austerity. They'd like growth too, but approve of Osborne's brake on spending above all else.

It is difficult to reconcile both surveys, but Markit's chief economist Chris Williamson has a warning.

"With 2% of the 1,500 households polled considering the economy does not need a further helping hand, the economic recovery should clearly remain at the heart of the government's agenda," he said.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.