The majority of independent financial advisers (IFA) in the UK are dissatisfied by Rachel Reeves’ first Budget as Labour Chancellor, a new study has indicated.

Research by Opinium revealed that despite the majority of IFAs (82%) having anticipated the proposals outlined in the Budget, almost as many (79%) were unhappy with the measures announced, and 19% did not expect the announcements that were made.

As a results, the outlook for IFAs for the next 12 months is negative, with just 9% of the study’s respondents believing the Budget will positively impact their business, and only 6% foreseeing any benefits for clients.

The majority, 76%, feel the Budget does not reflect what British people voted for, leading to growing discontent. As a result, 72% of IFAs now hold a more negative view of the Labour government.

Opinium’s research was based on an online survey of 200 financial advisers in the wake of the Budget, and also found that 76% felt the announcement did not reflect what British people had voted for, leading to growing discontent.

As a result, 72% of IFAs now hold a more negative view of the Labour Government.

“The findings highlight growing concerns among financial professionals, who argue that the Budget fails to address the real needs of businesses and consumers, further eroding confidence in the Government's economic approach,” global head of financial services research and partner at Opinium, Alexa Nightingale.

“It will be interesting to see how announcements that were set out in the Budget unfold as we move towards 2025, especially given ongoing questions surrounding the choices that have been made, and the social groups they will impact.”

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