Most Britons think economy regressing
Source: Agencies |
July 4, 2011, Monday
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Print Edition
Print Edition
TWO-THIRDS of Britons think the economy is getting worse and most are cutting back drastically on their spending to make ends meet in the face of rising food, fuel and energy prices, a poll showed yesterday.
The findings followed a string of retail failures in recent months as shoppers cut back on non-essentials while Britain's economic recovery remains sluggish.
The ICM poll for the News of the World newspaper appeared to indicate that many agreed with the opposition Labour party's view that deep government spending cuts were happening too fast.
In total, 82 percent believed the Conservative-led coalition's austerity measures were inevitable with Britain's budget deficit running at about 10 percent of GDP, and 58 percent of those polled said they were necessary.
However, two-thirds of those who supported the measures felt they were being brought in too quickly.
The survey also found that a majority - 52 percent - thought Conservative Prime Minister David Cameron and Finance Minister George Osborne were not doing a good job of running the economy. Overall, only 23 percent thought the economy was getting better.
But more Britons - 41 percent - prefer to have the Conservatives in charge than Labour (25 percent).
Labour has called for an emergency reduction in the sales tax until the economy improves and argued the austerity measures are stifling growth.
However, the government said it needs to stick with the policy of deep cuts to virtually eliminate the deficit by 2015 and maintain the confidence of the money markets.
Official data last week showed that Britain's economy grew by just 0.5 percent in the first quarter of 2011, a muted bounce from the previous quarter's 0.5 percent contraction.
The findings followed a string of retail failures in recent months as shoppers cut back on non-essentials while Britain's economic recovery remains sluggish.
The ICM poll for the News of the World newspaper appeared to indicate that many agreed with the opposition Labour party's view that deep government spending cuts were happening too fast.
In total, 82 percent believed the Conservative-led coalition's austerity measures were inevitable with Britain's budget deficit running at about 10 percent of GDP, and 58 percent of those polled said they were necessary.
However, two-thirds of those who supported the measures felt they were being brought in too quickly.
The survey also found that a majority - 52 percent - thought Conservative Prime Minister David Cameron and Finance Minister George Osborne were not doing a good job of running the economy. Overall, only 23 percent thought the economy was getting better.
But more Britons - 41 percent - prefer to have the Conservatives in charge than Labour (25 percent).
Labour has called for an emergency reduction in the sales tax until the economy improves and argued the austerity measures are stifling growth.
However, the government said it needs to stick with the policy of deep cuts to virtually eliminate the deficit by 2015 and maintain the confidence of the money markets.
Official data last week showed that Britain's economy grew by just 0.5 percent in the first quarter of 2011, a muted bounce from the previous quarter's 0.5 percent contraction.
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