Optimism about the British economy has worsened to the lowest levels recorded in five decades, overtaking immigration as the public’s biggest concern.
Ipsos, which has tracked sentiment since 1978, found that almost eight out of 10 British adults, or 78%, expect the economy to worsen over the next year.
The economy this month was the most mentioned as an important issue facing the country, at 33%, overtaking immigration, which fell five percentage points to 32%.
Concern about inflation and rising prices also rose seven points this month to 30%, its highest level for nearly two years. Inflation is the top issue for young people (35% of 18-34s) and for women (33%).
The Ipsos economic optimism index data, collected 8-14 April 2026, saw 12% think things will stay the same and just 6% (-3) think it will improve.
This gives a current net figure of -72, four points below the previous historic low of -68 recorded in April 2025 after Donald Trump imposed his tariffs.
People view the current outlook as being worse than the January 1980 recession under Margaret Thatcher, following the winter of discontent (a score of -64); the global financial crisis of July 2008 under Gordon Brown (-64); and the cost-of-living crisis triggered by the COVID pandemic and the invasion of Ukraine in June 2022 (-64).
Ipsos found the pessimistic outlook was consistent across all demographics, with only slight variations between groups.
"Dissatisfaction with the state of the country has been entrenched for some time," said Gideon Skinner, senior director of UK politics at Ipsos.
"This is particularly clear when it comes to attitudes towards the economy, where in the aftermath of the Iran conflict, pessimism about the economy has reached record levels in Ipsos’ 48 years of trends, alongside rising concerns about the cost of living.
"Concern about the state of the economy is widespread among all groups, and is likely to play a key role in the upcoming elections on 7th May as well.
"Even though Britons recognise the role played by global events on the cost of living, the government is held responsible too, and Labour need to convince the public that they can deliver a more optimistic outlook for the economy if they want to turn their political fortunes around."