Record numbers of voters think Tories are handling the economy badly amid cost of living crisis

Rear view of young Asian mother with a shopping cart grocery shopping for baby products in a supermarket. She is standing in front of the baby product aisle and have no idea which product to choose from
Many Britons have lost confidence in the government's handling of the economy amid a spike in food prices. (Getty Images)

Record numbers of voters believe the Conservative government is handling the economy badly amid the spiralling cost of living crisis.

Many people in the UK are struggling financially against a backdrop of soaring inflation, rising energy bills and high prices at the petrol pumps.

According to YouGov, more than seven in 10 Britons (72%) now think the government is not doing a good job handling the economy, compared to just 19% who think the government is doing well.

Voters are increasingly dissatisfied with how the government is handling the nation's finances (Yahoo News UK/Flourish/YouGov)
Voters are increasingly dissatisfied with how the government is handling the nation's finances (Yahoo News UK/Flourish/YouGov)

Read more: UK braces for interest rate rises after 'apocalyptic' warning from BoE's Bailey

The figures are the worst ever recorded for Boris Johnson's government amid increasing dissatisfaction over how ministers are dealing with the nation's finances.

This time last year, 40% of voters said the government was doing a bad job with the economy.

Watch: Minister says people should work more hours or get a better-paid job

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Conservative voters are increasingly displeased with how the economy is being handled, with more than half (54%) saying it is being run badly, a record level.

Only two out of five (40%) Tory voters believe the economy is being handled well.

More than three-quarters of Britons (76%) say the issue of inflation is being badly handled, 47% higher than those who said the same thing a year ago.

YouGov polled 1,810 British adults between 14 and 16 May for its survey.

The figures come in the same week the governor of the Bank of England, Andrew Bailey, warned of "apocalyptic" global food price rises.

Bailey said the war in Ukraine would continue to impact the global economy, hitting supply chains and driving up prices in the supermarket.

Read more: Tory minister condemned for saying people should 'move to better paid job'

Andrew Bailey, Governor Bank of England, giving evidence to the Treasury Select Committee at the House of Commons, London, on the subject of Bank of England Monetary Policy Reports. Picture date: Monday May 16, 2022.
Andrew Bailey, governor of the Bank of England, told the Treasury Select Committee of his fears surrounding global food prices. (PA)

He indicated there would be further interest rate rises in the UK in an effort to control inflation.

On Monday, Home Office junior minister Rachel Maclean was branded "tone deaf" and "condescending" for saying people struggling with the cost of living should take on more hours or move to a better-paid job.

At the end of last month, a poll by the Office for National Statistics (ONS) found that four out of 10 Britons were buying less food because of the rising cost of living.

The government is under increasing pressure to help – but chancellor Rishi Sunak indicated on Tuesday that no new measures will be introduced imminently.

Chief secretary to the Treasury, Simon Clarke, said the chancellor will bring forward a programme of measures at a time when they will “make the right difference in a targeted way”.

The ONS recorded inflation at 7% in March and on Wednesday it is expected to unveil a figure of 8% for April.

The Bank of England has said inflation is likely to peak at 10.25% during the final quarter of 2022.

Watch: Bank of England boss warns of 'apocalyptic' food prices