A recent survey reveals that two-thirds of high-net-worth individuals (HNWIs) who supported Labour in the last election now express regret over their decision. Conducted by Saltus, the poll highlights a drastic drop in confidence in the UK economy from 84% in August to just 48% today among this affluent group. Key issues affecting their views include new tax policies and elevated staffing costs, alongside the broader economic climate. Analysts note that many wealthy individuals voted Labour out of dissatisfaction with the Conservatives, marking a missed opportunity for Labour to maintain support amongst this critical demographic.
Confidence is a critical component in growth, and the fact that this vitally important group - the wealth creators, employers, and investors in the businesses of tomorrow - feel that the UK economy is not on the right track is a cause for concern.
Labour worked hard to court wealthy donors during the election campaign, pledging not to raise key taxes while positioning itself as 'the party of wealth creation.'
More than a third of the UK's HNWIs ultimately voted Labour, but analysts now describe this as a 'protest vote' against the Conservatives.
The survey found that two-thirds of affluent voters who supported Sir Keir Starmer's party in July now wish they had not.
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