‘More people feeling worse off as confidence in economy slumps’

Due to deliver eighth budget: George Osborne
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Public confidence in the economic recovery is falling, it was revealed today on the eve of George Osborne’s eighth budget.

More people now feel their families are getting worse off, and fewer think the Chancellor can steer the country away from the rocks, according to a study by BMG Research.

The findings come as Mr Osborne is expected to unveil more pessimistic forecasts for growth and borrowing in tomorrow’s Budget speech.

He stressed his long-term plans for investment today as he gave the go-ahead for London’s Crossrail 2 to progress to its next phase.

Marking the scheme as a national priority, he told the Standard: “We’re offering long-term solutions to London’s long-term problems.”

Mayor of London Boris Johnson welcomed the £80 million funding, and said: “This is an investment in the whole country’s future.”

However, BMG Research found 37 per cent of people feel they have become worse off over the past year, compared with 21 per cent who feel better off. The “pessimism” gap of 16 per cent has almost doubled since October.

More people think their household finances will go down in the year ahead than think they will prosper — a divide of 28 to 24, compared with a 23-23 tie in January.

A majority of 59 per cent have little or no confidence in Mr Osborne to manage the economy, compared with 27 per cent who have a fair amount or a great deal of confidence in him.

Dr Michael Turner, of BMG Research, said the findings echoed the slide in the pound and worries over a Brexit. He added: “The results suggest key drivers behind the continued fall in economic optimism come principally from Conservatives and, more generally, from those in higher social grades.”

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