Source: YouGov/Ipsos tracker, May 2026. GB adults.
Approval Trend: July 2024 – May 2026
▼ Post-Budget declineNet approval = approve % minus disapprove %. Sharp fall following October 2024 Budget. Source: YouGov, Ipsos, Survation composite.
Monthly Approval Data
| Month | Approve | Disapprove | Net | Change |
|---|---|---|---|---|
| Jul 2024 | 38% | 42% | −4 | — |
| Aug 2024 | 37% | 44% | −7 | −3 |
| Sep 2024 | 35% | 47% | −12 | −5 |
| Oct 2024 | 33% | 52% | −19 | −7 |
| Nov 2024 | 32% | 54% | −22 | −3 |
| Dec 2024 | 32% | 55% | −23 | −1 |
| Jan 2025 | 31% | 56% | −25 | −2 |
| Mar 2025 | 31% | 58% | −27 | −2 |
| May 2026 | 31% | 59% | −28 | −1 |
Economic Trust: Who Voters Trust Most
% saying they trust each leader most on each issue| Leader / Party | Economy overall | Cost of living | NHS funding | Tax & spend |
|---|---|---|---|---|
| Rachel Reeves / Labour | 29% | 22% | 34% | 27% |
| Kemi Badenoch / Conservative | 24% | 21% | 20% | 29% |
| Nigel Farage / Reform UK | 18% | 24% | 11% | 17% |
| Ed Davey / Liberal Democrats | 12% | 14% | 18% | 14% |
| None / Don’t know | 17% | 19% | 17% | 13% |
Source: Opinium economic trust tracker, April 2026.
Issue Trust Ratings
% of GB adults who trust Reeves most on each issue. Source: YouGov, June 2026.
The October 2024 Budget: Polling Impact
The October 2024 Budget was the critical turning point. YouGov polling in the week after the Budget showed a net reaction of −19: 28% thought it was good for the economy vs 47% bad. The employer NI rise from 13.8% to 15% was the most-cited negative, followed by the winter fuel payment restriction and inheritance tax changes affecting farms.
Approval by Demographic Group
| Group | Approve | Disapprove | Net |
|---|---|---|---|
| 18–24 | 38% | 44% | −6 |
| 25–49 | 34% | 54% | −20 |
| 50–64 | 28% | 62% | −34 |
| 65+ | 22% | 68% | −46 |
| Men | 29% | 61% | −32 |
| Women | 33% | 57% | −24 |
| Degree-educated | 40% | 50% | −10 |
| No degree | 25% | 63% | −38 |
| London | 42% | 46% | −4 |
| Rest of England | 27% | 63% | −36 |
Source: YouGov/Ipsos demographic crosstabs, May 2026.
Historical Chancellor Comparison
Placing Reeves’s ratings in context is essential. Modern Chancellors almost universally see approval fall after their first Budget, and those in power during economic difficulty score poorly. The comparison that matters most is with Alistair Darling and Gordon Brown during post-crisis periods, rather than with Chancellors who benefited from low-cost borrowing environments.
| Chancellor | Party | Approx. Net Approval (2yr mark) | Context |
|---|---|---|---|
| Gordon Brown | Labour | +8 | Pre-2007 crisis; high GDP growth; Golden Rule intact |
| Alistair Darling | Labour | −12 | Post-2008 crisis; emergency budgets; banking bailout |
| George Osborne | Conservative | −18 | Austerity programme; welfare cuts; NHS reform controversy |
| Philip Hammond | Conservative | −10 | Brexit uncertainty; modest fiscal loosening |
| Sajid Javid | Conservative | −8 | Brief tenure; pre-COVID; relatively stable |
| Rishi Sunak | Conservative | +12 | Furlough scheme; public popularity peak; COVID support |
| Kwasi Kwarteng | Conservative | −68 | Mini-Budget crisis; LDI pension collapse; 44-day tenure |
| Jeremy Hunt | Conservative | −14 | Post-Kwarteng stabilisation; austerity lite |
| Rachel Reeves | Labour | −28 | Oct 2024 Budget; employer NI; winter fuel cut; GDP below forecast |
Approximate net approval at 18–24 months in office. Sources: YouGov, Ipsos, Gallup UK historical polling. Excludes Kwarteng (44-day tenure). The Reeves figure (-28) is below the post-war average for Labour Chancellors but above Osborne’s 2-year score.
October 2024 Budget: Individual Measure Polling
The October 2024 Budget contained over 40 distinct fiscal measures. Public reaction varied significantly by measure. The employer NI rise and winter fuel cuts attracted the strongest opposition; minimum wage increases and NHS investment were popular. The political damage came not from any single measure but from the cumulative message that living standards were under further pressure.
| Budget Measure | Net Reaction | Support | Oppose |
|---|---|---|---|
| Increase NHS spending | +52 | 71% | 19% |
| Raise minimum wage to £12.21/hour | +44 | 68% | 24% |
| £22bn extra for public services | +18 | 49% | 31% |
| Freeze income tax thresholds | −8 | 38% | 46% |
| Raise employer National Insurance to 15% | −24 | 31% | 55% |
| Farm inheritance tax reform | −29 | 28% | 57% |
| Restrict winter fuel payment to pension credit | −34 | 27% | 61% |
| Increase fuel duty by 7% | −21 | 33% | 54% |
Sources: YouGov, Ipsos polling in the week following the October 2024 Budget statement. Net reaction = % good/agree minus % bad/disagree.
Party Context & Political Background
Rachel Reeves became the UK’s first female Chancellor of the Exchequer when Labour won the July 2024 general election. She spent four years as Shadow Chancellor building a reputation for economic seriousness, explicitly distancing Labour from its 2019 manifesto spending commitments.
Her October 2024 Budget — the first full Labour Budget since 2010 — included £40bn of tax increases. The employer NI hike triggered significant backlash from business groups and rural communities affected by the farm inheritance tax rule change.
By May 2026, Reeves faces GDP growth underperforming OBR forecasts and borrowing above projections. Her approval among over-65s — at −46 — is the most acute vulnerability given that group’s high turnout at elections.
Frequently Asked Questions
What is Rachel Reeves current approval rating?
As of June 2026, Rachel Reeves has a net approval rating of -28%, with 31% approving and 59% disapproving. This is a fall of 24 points since she took office in July 2024.
Why did approval fall after the October 2024 Budget?
The Budget included a rise in employer National Insurance to 15%, cuts to winter fuel payments for pensioners, and the farm inheritance tax change. Polling showed a net reaction of -19 among GB adults in the week following the statement.
Do voters trust Reeves on the economy?
29% trust Reeves most on the economy — ahead of Conservatives (24%) and Reform (18%). Her scores are weakest among over-55s and in the Midlands and North.
How does Reeves compare to previous Chancellors at this stage?
Her net approval of -28 at the 2-year mark is worse than Gordon Brown (-8 in 2005), Alistair Darling (-12 in 2009) and Philip Hammond (-10 in 2018), though better than George Osborne (-18 during the height of austerity) and incomparably better than Kwasi Kwarteng (-68 during the 2022 mini-Budget crisis). Among post-war Labour Chancellors, only Darling comes close to the economic difficulty context Reeves faces.
Which specific Budget measures were most unpopular?
The restriction of the winter fuel payment to pension credit recipients was the single most politically damaging individual measure, polling at -34 net reaction. The increase in employer National Insurance to 15% was the most economically contested: -24 net, with business groups and many small employers opposing it strongly. The farm inheritance tax reform was deeply unpopular among rural communities: -29 net. By contrast, increasing NHS spending (+52 net) and raising the minimum wage (+44 net) were strongly supported, but these positive measures did not offset the negative cumulative impression the Budget created.
What is Reeves’ approval rating among pensioners and over-65s?
Reeves’s approval among over-65s is -46 net (22% approve, 68% disapprove) — the worst of any demographic group. This reflects the direct impact of the winter fuel payment restriction, which removed £300–600 per year from most pensioners who are not on pension credit. Over-65s are the highest-turnout demographic at UK elections, meaning this group’s negative view of the Chancellor is the most electorally consequential approval data on this page.
Related Polling Pages
Video: Further Analysis
Video: Leader approval ratings for all major UK politicians — how the public views Starmer, Farage, Badenoch, Davey and others in May 2026.