The Adam Smith Institute commissioned Survation to undertake a nationally representative poll of UK adults to investigate the financial impact of the lockdown, views on developing an economic recovery and lockdown exit plan, and tax policy after the lockdown.
The poll’s findings, analysed in a new report by ASI Deputy Director Matt Kilcoyne and Head of Research Matthew Lesh, found that:
There is broad, cross sectional public concern about the economic impact of the lockdown.
Nine-in-ten (89%) respondents said they were concerned about the economic impact, compared to just one-in-ten (9%) who are not.
A growing number of people are feeling the financial impact of the lockdown. Younger cohorts are more affected than older ones. Londoners are more impacted than the rest of the country.
Two-in-five respondents (41%) expressed concern that the lockdown is having a negative personal impact, compared to just over half (52%) who stated that it is having no negative impact.
This reflects an increase over time when compared to other polls, indicating that the economic impact of the crisis is growing over time.
Seven-in-ten (70%) of those over-65 report that the lockdown is not having a negative impact on their finances. In contrast, half of those under the age of 54 (49%) report that the lockdown is having a negative financial impact on their finances.
There is broad, cross sectional public support for developing an economic recovery plan and lockdown exit plan once medical authorities deem it safe to do so — and there are concerns the Government is not doing enough to develop this plan.
Almost nine-in-ten respondents (86%) expressed support for developing an economic recovery and exit plan, compared to just 2% who did not.
Conservative voters were the most likely to “strongly support” an economic recovery and exit plan (61%), compared to under half of Labour and Liberal Democrat voters (47%).
More people believe that the Government has not done enough (42%) to develop an economic recovery and exit plan compared to those who think the Government has done enough (34%).
There is popular support for reducing taxes after the lockdown to help boost the economy and jobs. Younger cohorts are the most supportive of tax cuts after the lockdown.
Almost three-quarters of respondents (72%) think that the Government should reduce taxes after the lockdown to try to increase economic growth and jobs, while fewer than one-in-ten (8%) disagree with reducing taxes.
Of those aged 18-34, two-in-five (44%) “strongly support” lower taxes after the lockdown, compared to just one-third (33%) of those over the age of 65.
These results present the need for greater involvement of economic expertise in the Government’s decision making.
It is recommended that if the Government wants to secure the nation’s economic future they should establish an Economic Advisory Group for Emergencies (EAGE) to advise on the withdrawal of the lockdown and appropriate measures to reboot the economy. This should operate in a similar fashion, with a similar level of regard and in tandem, to the Scientific Advisory Group for Emergencies (SAGE).