Just a month after Rachel Reeves’s debut budget as Labour Chancellor, dissatisfaction is running high among UK independent financial advisers (IFAs) according to a new study by research agency Opinium.

The findings reveal that eight out of 10 (79%) IFAs are unhappy with the budget’s measures, despite a similar amount (82%) having anticipated its contents.

SURPRISED

Moreover, a fifth (19%) reported being surprised by the announcements, which many view as misaligned with public expectations.

The sentiment surrounding the Budget’s impact is overwhelmingly negative. Only 9% of IFAs believe the proposals will benefit their businesses, while a mere 6% foresee any advantages for clients.

“A significant 76% feel the measures do not reflect the priorities of British voters.”

This discontent has taken a toll on Labour’s standing among financial professionals, with seven out of 10 (72%) of IFAs now holding a more negative view of the government’s economic strategy.

Alexa Nightingale, Global Head of Financial Services Research & Partner at Opinium, says: “The findings highlight deep concerns among financial professionals who believe the Budget fails to address the pressing needs of businesses and consumers.

“Confidence in the government’s economic approach is clearly being tested.”