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  1. Wealth
February 26, 2024

HNWs more likely to vote Labour than Conservative, poll finds

By Stephanie Bridger-Linning

British high-net-worth individuals are more likely to vote for Labour than the Conservatives in the next general election, according to a new survey.

Almost 27 per cent of HNWs – defined for the survey as individuals with assets of more than £250,000 – would vote for Sir Keir Starmer’s party if the election was held today, compared to 16 per cent for the Conservatives and 15 per cent for the Liberal Democrats. 

[See also: ‘Super donors’ cross political aisle to support Labour party]

In addition, 31 per cent of respondents believe Labour would win the most seats in parliament – more than double the 13 per cent who believe Rishi Sunak would win the majority. 

The data was released by wealth management firm Saltus, which surveyed 2,000 HNWs for its biannual Saltus Wealth Index

[See also: High-tax, high-spend, big-state Britain is here to stay, whoever is in power]

Although Labour is the clear favourite among the HNW community, there is disparity between age groups. Respondents aged 55-plus are more likely to vote for the Conservatives (29 per cent) than Labour (21 per cent). Interestingly, however, within this group there is even greater belief that Labour would win the most seats in parliament, with 70 per cent backing a majority. 

Respondents also shed light on the issues they believe should be prioritised by the government with growing the economy topping the wish-list (23 per cent), ahead of reducing inflation (19 per cent) and increasing spending on the NHS (18 per cent). 

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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. 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 Truss’s tenure.

‘Our research also demonstrates how broad the spectrum of political support is among this group. It is clear the Government still has much to do to win back their confidence and support.’

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