Most Britons believe the economy is getting worse despite wage boost

Rishi Sunak last week said there is “light at the end of the tunnel” with average weekly pay going up by 7.8 percent in the three months to June.

But voters still think the country is heading into trouble.

Exclusive polling by Omnisis found 62 percent believe the economy is getting worse – with a mere 11 percent saying it is getting better.

This is despite the latest figures showing inflation slowing to 6.8 percent in the year to July.

With Labour at 36 percent in the polls and the Conservatives on 23 percent, the PM is under pressure to close the gap ahead of the next election.

And the Treasury is taking action to show it is on the side of consumers. Minister Andrew Griffith signalled he wants banks to pass on the benefits of higher interest rates to savers.

“I and colleagues have been very clear we want to see savers who have had a tough deal in recent years offered the most competitive range of choices,” he said.

READ MORE: Energy bills set to fall by ‘£150 a year’ by this autumn[LATEST]

Banks have also been warned they will face fines if they fail to provide free cash withdrawal and deposit services within one mile of customers in urban areas and three miles in rural parts.

The Government is now facing calls to accelerate growth. Prominent economist Shanker Singham said: “It is good inflation appears to be coming down, but the Government needs to focus like a laser on how to reduce energy costs for consumers and also costs in sectors such as transportation, housing and retail banking.

“If we are to avoid stagflation we must grow the economy.”

John Longworth, of the Independent Business Network added: “Inflation will come down and the Bank of England must avoid even more damage by continuing to increase interest rates and pushing the UK into recession.”

Among Tory MPs there is relief at good news on the economy but pressure for the PM to deliver on NHS waiting lists and stopping migrants crossing the Channel.

Red Wall Tory MP Ben Bradley, who serves Mansfield, said: “I think the Government is clearly making progress on economic growth, on debt, on inflation.

“Hopefully it means in a year’s time people feel better off – and that’s a huge influence on how people vote.”

And Lichfield Tory MP Sir Michael Fabricant said: “When, or if, the courts eventually comeback to allow removal of migrants to Rwanda, the tide will definitely have changed in favour of Rishi and the Conservatives.”

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Source: Read Full Article