Labour more trusted than Tories on economy and stock market according to poll by investment platform XTB

Labour is more trusted on the economy and business according to a detailed poll of voter intentions carried out by investment platform XTB. The poll of over a 1,000 stock market investors showed Labour was leading the Tories 60-40 on the economy and 54-46 on the stock market.

On business, voters said sectors including housing, automotive, technology, pharmaceuticals and retail, were more likely to perform better under Labour. The only industry where voters thought the Conservatives would do better was banking.

The results of the poll suggest that Conservative attacks on Labour’s economic policies are failing to cut through.

XTB UK Managing Director Joshua Raymond said: “We were shocked by how strong the pro-Labour feeling is amongst investors. While a lot of people remain undecided on some questions, the overwhelming view is that Labour would be a better custodian of the economy than the Tories.”

Voter attitudes to pensions revealed by the poll were particularly interesting. Asked whether they would feel more confident about their pension plan under a Labour or Conservative Government the majority of voters were undecided, however among those that did express Labour beat the Tories by 5.5 percentage points. However, when the same question was put to pensioners the Conservative Party came out on top, by over 20 points, suggesting Conservative support amongst older generations may be holding up.

On tax, both segments of the polling sample, so those paying into a private pension and those already drawing their pensions, thought tax would be more likely to rise under Labour rather than the Conservatives, however a large proportion of voters said tax would rise whichever party was in power.

Mr Raymond said: “It is clear that voters still trust the Conservatives more than Labour to control taxation. However, what is also very apparent, is that very few people trust either of the main parties when they say that taxes won’t go up.”

Key polling results

Asked about the general election on July 4:

• Which party do you think would be best for the UK economy?

• Labour Party led by Keir Starmer 39.1%

• Don’t know 34.83%

• Conservative Party led by Rishi Sunak 26.07%

• Which party do you think would be best for the UK stock market?

• Don’t know 37.41%

• Labour Party led by Keir Starmer 33.63%

• Conservative Party led by Rishi Sunak 28.96

• Thinking of the following sectors of the UK economy. Do you think they would perform better under a Conservative government, or a Labour government?

• Banks

• Don’t know 37.11%

• Better under Conservative government 33.73%

• Better under Labour government 29.15%

• Technology

• Don’t know 41.29%

• Better under Labour government 33.03%

• Better under Conservative government 25.67%

• Property / housing

• Better under Labour government 43.58%

• Don’t know 35.72%

• Better under Conservative government 20.7%

• Retail

• Don’t know 40.9%

• Better under Labour government 39.3%

• Better under Conservative government 19.8%

• Pharmaceuticals

• Don’t know 43.68%

• Better under Labour government 31.24%

• Better under Conservative government 25.07%

• As someone with a private pension, which statement comes closest to your view? I would feel more confident about my pension plan…

• Don’t know 61.43%

• Under a Labour government 22.08%

• Under a Conservative government 16.5%

• As someone with a private pension do you think that tax is more likely to rise under a Labour or Conservative Government:

• Tax is equally likely to rise under either party 41.52%

• Tax is more likely to rise under a Labour government 25.1%

• Don’t know 23.24%

• Tax is more likely to rise under a Conservative government 10.15%

• As someone who is over 65 and retired which statement comes closest to your view? I would feel more confident about my pension plan…

• Don’t know 50.8%

• Under a Conservative government 35.1%

• Under a Labour government 14.1%

• As someone who is over 65 and retired do you think that tax is more likely to rise under a Labour or Conservative Government:

• Tax is more likely to rise under a Labour government 40.02%

• Tax is equally likely to rise under either party 36.71%

• Don’t know 14.57%

• Tax is more likely to rise under a Conservative government 8.7%

Source: Polling was conducted by Find Out Now, surveying 1005 investors on 19 June 2024. Full polling results can be found at the following links: https://findoutnow.co.uk/blog/polling-for-xtb/