23 February 2024 , 00:01
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Labour has secured a poll lead even among some of the country’s wealthiest people.
A survey of High Net Worth Individuals found they were almost twice as likely to back Keir Starmer over Rishi Sunak at the election. The research by wealth management firm Saltus showed 27% would support Labour.
The Conservatives and Liberal Democrats both got the backing of 16%. High Net Worth Individuals are those with investable assets of more than £250,000.
The Saltus Wealth Index tracks confidence of HNWIs in the UK economy and their own personal finances. The Index has risen to 64.4 in this edition, a rise of 4.9 points compared to November 2022, shortly after Liz Truss’s mini-Budget. It still remains lower than the high of 67.7 recorded a few months prior to Ms Truss becoming Prime Minister.
Mike Stimpson, Partner at Saltus, said: “It is clear that at this stage high net worth individuals expect the Labour Party to win the next General Election, regardless of their own personal political views. The votes of this cohort are important – their support is key to the UK if it is to succeed in the coming decades, with the confidence to invest, create jobs and support wider economic growth.
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“Previous surveys undertaken by Saltus show confidence in the UK economy and in respondents’ own personal finances fell sharply following Liz Truss’s budget in the Autumn of 2022. There has been some recovery in confidence but not yet to levels prior to [Ms] Truss’s tenure."
The findings are the latest blow for Mr Sunak, who worked as an investment banker at Goldman Sachs before becoming a politician. The PM and his wife Akshata Murty are the richest inhabitants of Downing Street in history with an estimated £520milllion fortune, according to the Sunday Times Rich List.
Censuswide interviewed 2,000 High Net Worth Individuals in the UK in December.