This will be a week Rishi Sunak would rather forget. His efforts to present himself as a sober alternative to a party-prone prime minister were dealt a bodyblow by a spring statement that was panned across the political spectrum as an inadequate response to voters’ concerns on spiralling bills and the largest decline in living standards since rationing was abolished in the 1950s.
Sunak’s failure brings broader risks. Growing public disquiet over the cost of living crisis has begun to tarnish a cherished core element of the Tory political brand: economic competence. For most of the past decade, voters have shown a strong preference for the Tores as stewards of the economy. That advantage is fading fast. One recent poll showed voters giving Labour’s economic team of Starmer and Reeves a lead over their Conservative rivals, something not seen since before the financial crisis. Polling on the cost of living is even worse for the Conservatives – Labour have solid and growing leads on this issue, which looks set to remain the focus of attention for many months.
