Huge blow for Rachel Reeves as grim data suggests worry 'looms large'

Rachel Reeves faces grim data as confidence in Britain's economic future plummets. The confidence of high net worth individuals (HNWIs) in the UK's economy and their own wealth has fallen, according to a new survey.

The Saltus Wealth Index Report suggested the figure has dipped from 64.7 to 61.3. Overall confidence has decreased from 66% in the last report to 59%, and remains far below the 84% recorded before Labour's first Budget, according to the wealth management firm.

In another blow to the Chancellor, confidence that London will remain Europe's financial capital in the next decade dropped from 73% to 66% overall and to just 32% amongst over 65s, according to the data.

Almost a quarter (23%) of HNWIs now describe themselves as "unconfident", and this is three times higher (61%) amongst the over 65s.

HNWIs confidence in their own personal finances has fallen from 92% to 87%, back in line with this time last year (86%).

Mike Stimpson, partner at wealth management firm Saltus, said: "The latest data show that the tentative recovery in confidence we saw in the second half of last year has not been sustained. While sentiment remains above the lows recorded earlier in 2025, concerns around taxation, economic growth and political decision making are once again weighing on HNWIs.

"Uncertainty over future tax policy continues to loom large. Whether it's Income Tax, Inheritance Tax or changes affecting businesses and employers, HNWIs are clearly worried about the direction of travel and what further measures may be introduced.

"These individuals are investors, business owners and employers, and prolonged uncertainty risks dampening investment decisions at a time when the UK needs growth. Restoring confidence will require greater clarity and stability around tax and economic policy."