Brief
Poll shows two‑thirds of Britons expect tax hikes in Labour’s first budget
Ipsos and YouGov polls reveal public expectations that Chancellor John Healey will raise taxes, especially on banks and the wealthy, ahead of the October 28 budget.
By Felo News Desk · Published
Two‑thirds of Britons expect the Labour government to raise taxes at Prime Minister Andy Burnham’s first budget, a new Ipsos poll shows. The research, published on 20 October, found 65% of respondents anticipate tax increases, while only 5% think taxes will be cut.
What happened
The Ipsos survey asked a cross‑section of the public about their expectations for the upcoming budget on 28 October. It reported that 58% believe the country is heading in the wrong direction and 51% expect government borrowing to rise after the budget. The poll also indicated that 30% think the budget will increase spending on benefits, whereas 28% expect a reduction in welfare spending.
What the reports add
In addition to the Ipsos findings, a separate YouGov poll commissioned by the trade union UNISON showed 69% of people support higher taxes on the wealthiest, 75% want large corporations to pay more, and 61% back tax rises for banks. UNISON’s general secretary Andrea Egan said the poll suggests public backing for taxing the wealthy to fund public services.
What was said
Alex Bogdan, research director at Ipsos, told the Daily Mail, “Public judgment can be swift, and with 65 per cent of the public now expecting tax rises, it is clear the upcoming Budget could serve as a critical test for the Government.” Andrea Egan added, “Massive investment to rebuild public services and restore wages is urgently needed. It should be paid for by taxing the wealthiest.”
How it came about
The poll follows Labour’s recent fiscal moves, including former Chancellor Rachel Reeves’ £75 billion tax increase and Chancellor John Healey’s decision earlier this month to rule out a capital‑gains‑tax rise. Healey has also been reported to consider restoring a bank profit surcharge and a slot‑machine duty increase, reflecting the government’s broader search for revenue sources.
Key facts
- 65% of Britons expect Labour to raise taxes at the October 28 budget (dailymail.co.uk)
- 58% think the country is heading in the wrong direction (dailymail.co.uk)
- 51% expect government borrowing to increase after the budget (dailymail.co.uk)
- 69% support higher taxes on the wealthiest, according to a UNISON‑commissioned YouGov poll (dailymail.co.uk)
- Chancellor John Healey ruled out a capital gains tax rise ahead of the budget (dailymail.co.uk)
Timeline
- 2026-10-20 — Ipsos poll published showing 65% expect tax rises
- 2026-10-20 — UNISON‑commissioned YouGov poll shows strong support for taxing the wealthy
- 2026-10-20 — Chancellor John Healey rules out CGT rise ahead of budget
Sources
- [1] dailymail.co.uk — originally reported as “Labour will hike taxes at Budget, two thirds of Brits predict in poll”
