Pollsters Electoral Calculus and Find Out Now have run a poll for the Property Chronicle on fiscal policy.
This poll also appeared in the Daily Telegraph.
Fieldwork was conducted from 4–5 August 2025, with a sample size of over 2,000. Respondents were asked a set of questions on fiscal policy.
The main findings are:
Below you can find a results breakdown for each question of the poll and what the data conveys.
Q1. "The total amount borrowed by the government (the national debt) is about £2.8 trillion, or £53,000 per adult. The yearly spending gap between what government pays out and what it gets in is £137 billion, or £2,600 per adult. This spending gap (or deficit) is the yearly increase in government borrowing. Should the government spend more or less than it gets in from taxes?"
| Response | All voters | LAB voters | CON voters | Reform voters |
|---|---|---|---|---|
| Should spend more | 7% | 11% | 5% | 4% |
| Should spend about the same | 26% | 35% | 26% | 14% |
| Should spend less | 30% | 19% | 47% | 54% |
| Don't know | 37% | 35% | 22% | 28% |
With UK government debt now standing at around £2.8 trillion and public finances under pressure, voters appear keen to have a balanced budget.
A majority (56pc) think that the budget should be balanced or in surplus. A further 37pc aren't sure, and only 7pc think the government should run a deficit.
Reform and Conservative voters are the most fiscally conservative, with 68pc of Reform supporters and 73pc of Conservatives wanting a balanced budget. But even a majority (54pc) of Labour voters agree.
Q2. "What do you think about the annual spending gap of £2,600 per adult?"
| Response | All voters | LAB voters | CON voters | Reform voters |
|---|---|---|---|---|
| It's too much | 38% | 31% | 57% | 57% |
| It's about right | 8% | 12% | 7% | 6% |
| It could be bigger | 9% | 14% | 7% | 7% |
| Don't know | 45% | 43% | 29% | 30% |
On this question about the sensible size of the deficit, nearly half of people weren't sure. But a big majority of those who had an opinion think the current deficit is too large. Fewer than one in ten people overall think the deficit could be bigger.
Concern about the size of the deficit is strongest among Conservative and Reform voters, with 57pc in both groups saying it's too much. That's a majority, even when including those who don't know. Labour voters are less likely to feel this way, but nearly a third (31pc) still say the gap is too large, which is a larger than those who think it is acceptable or could be bigger.
The share of voters who think the spending gap is too much rises steadily with age, from 22pc among 18 to 24-year-olds to 51pc of those aged 65 and over.
Q3. "If the government had to balance the books by raising taxes and/or cutting spending, how do you think this should be done?"
| Response | All voters | LAB voters | CON voters | Reform voters |
|---|---|---|---|---|
| Mostly by raising taxes | 14% | 28% | 7% | 6% |
| A mixture of raising taxes and cutting spending | 26% | 33% | 32% | 13% |
| Mostly by cutting spending | 32% | 16% | 46% | 61% |
| Don't know | 28% | 24% | 16% | 21% |
When it comes to balancing the books, a majority (58pc) think that it should mostly or partly involve cutting spending. Only 14pc think that it should mostly be done by raising taxes. A further 28pc are unsure.
Labour voters have different priorities from the public as a whole, with 61pc thinking that tax rises should wholly or partly take the strain. On the other hand, Conservatives and Reform supporters are united in their push for cuts, with nearly half of Conservatives and a majority of (61pc) of Reform voters firmly backing spending cuts.
Q4. "If the government had to cut spending to balance the books, where do you think the savings should come from? Annual spending amounts are shown in brackets. (Please select up to three)"
| Response | All voters | LAB voters | CON voters | Reform voters |
|---|---|---|---|---|
| Other public spending (£470 bn) | 44% | 43% | 56% | 57% |
| Welfare and benefits (£160 bn) | 29% | 22% | 43% | 47% |
| Defence (£40 bn) | 15% | 25% | 8% | 7% |
| Infrastructure investment (£70 bn) | 13% | 15% | 18% | 15% |
| Pensions (£150 bn) | 6% | 12% | 5% | 2% |
| Health (£190 bn) | 4% | 2% | 6% | 8% |
| Education (£90 bn) | 3% | 2% | 3% | 3% |
| Don't know | 31% | 28% | 20% | 22% |
With the national debt at around £2.8 trillion, tough choices on government spending cuts may be necessary. When it comes to where those cuts should fall, the most commonly chosen area is other public spending (£470bn), selected by 44pc of all voters and consistent across political parties. However, this broad category may reflect a reluctance to support cuts to specific services rather than a clear endorsement of reducing spending in this area.
Cuts to welfare and benefits come second, backed by 29pc of the public, with support rising sharply among Conservative and Reform voters at 43pc and 47pc respectively. Labour voters are more likely to support cuts to defence, with 25pc in favour compared to just 8pc of Conservatives and 7pc of Reform voters
Health and education together account for £280bn of annual spending but are among the most protected areas, with fewer than one in ten voters across all political parties willing to cut them.
Pensions are treated similarly, but interestingly, Labour voters are the most open to cutting spending in this area, with 12pc in favour compared to 5pc of Conservatives and just 2pc of Reform voters.
Martin Baxter, CEO of Electoral Calculus, said: "The findings show that the public wants the government to get the deficit under control and balance the budget, with most people also supporting a reduction in spending. But when it comes to the hard choices, voters struggle to decide where cuts should fall, particularly in high-cost services like health, education and pensions. This presents a major challenge for Keir Starmer, who, after a turbulent first year, faces a public which is not keen on tax rises, but wants a more balanced budget."
"Absent fiscal rigour, the government runs the risks of serious financial problems, requiring big tax rises and spending cuts, unless they stoke inflation to devalue the debt."
Find Out Now polled 2,027 GB adults online between 5-6 August 2025. The sample was weighted to be representative by gender, age, social grade, other demographics and past voting patterns.
Find Out Now and Electoral Calculus are both members of the British Polling Council and abide by its rules.
Data tables for this poll are available here.
Electoral Calculus is a pollster and political consultancy specialising in quantitative analysis and modelling for electoral and other market research projects. It has successfully predicted UK general elections since 2010. It was founded by Martin Baxter, its CEO.
Electoral Calculus is a member of the British Polling Council and abides by its rules, and is a company partner of the Market Research Society.
Find Out Now is a polling and market research panel with 2.8 million members. Highly profiled respondents can be targeted instantly, with over 100,000 daily responses allowing the delivery of same-day nationally representative sampling.
Find Out Now are a member of the British Polling Council and abide by its rules, and are a company partner of the Market Research Society.