Voters demand spending cuts, not taxes

Voters are increasingly favouring spending cuts over tax increases, according to a recent City AM/Freshwater Strategy poll. The survey revealed that 59% of respondents preferred the Government to reduce spending, while only 17% supported tax hikes. Chancellor Rachel Reeves faces pressure to address a significant public finance shortfall, exacerbated by recent welfare reform U-turns. The Office for Budget Responsibility (OBR) has warned that public debt could rise to 270% of GDP if spending is not curtailed. As Reeves prepares for a challenging budget, top economists predict she may need to implement tax increases of up to £30bn to restore fiscal balance. The poll also highlighted that only 49% of Brits feel financially secure enough to cover an unexpected £500 expense, indicating widespread economic concern.