79% of IFAs unhappy with Budget announcements

A month on from Rachel Reeves’s first Budget as Labour Chancellor, new research conducted among UK IFAs by global research and insights agency Opinium has revealed widespread dissatisfaction. 

Despite the majority of IFAs (82%) having anticipated the proposals outlined in the Budget, almost as many (79%) are unhappy with the measures announced, and almost a fifth (19%) did not expect the announcements that were made.

The outlook for the next 12 months in the eyes of many is negative, with just 9% of IFAs believing the budget will positively impact their business, and only 6% foreseeing any benefits for clients. 

The majority, 76%, feel the Budget does not reflect what British people voted for, leading to growing discontent. As a result, 72% of IFAs now hold a more negative view of the Labour government.

Alexa Nightingale, global head of financial services research and partner at Opinium, commented: “The findings highlight growing concerns among financial professionals, who argue that the Budget fails to address the real needs of businesses and consumers, further eroding confidence in the government's economic approach.

“It will be interesting to see how announcements that were set out in the Budget unfold as we move towards 2025, especially given ongoing questions surrounding the choices that have been made, and the social groups they will impact.”