Rachel Reeves’s performance rating as Chancellor has neared the same level as Kwasi Kwarteng’s following his disastrous mini-Budget. Her approval ranking of -32 following this week’s spring statement is approaching the ratings for Liz Truss’s former chancellor, who had -37 points following his 2022 statement.

Nearly one in five (19%) of Britons polled said Ms Reeves was doing a good job, with half (51%) saying she was doing a bad job, pollsters Ipsos said. The latter figure is up seven percentage points from the middle of March.

Gideon Skinner, senior director of UK politics at Ipsos, said: “No Chancellor of the Exchequer wants their job approval to be compared to Kwasi Kwarteng’s time in No 11, but Rachel Reeves’s current scores are nearing his post mini-Budget levels. Half are critical of her performance, and the immediate reaction to the spring statement has done little to reassure the British public about the state of the economy, public services, or their own personal finances.

“In fact, the initial public reaction is less favourable than it was after her October Budget, reflecting ongoing public pessimism since then. Labour needs to try to change this narrative, but on first impressions Britons are more likely to have heard the news that economic growth will be lower in 2025 than the more positive forecasts for the economy in the future. And while the public themselves remain split on tax rises vs spending cuts, few think the Government is getting the balance right.

“Immediate reactions from the public aren’t the final say, and some of her spending announcements do have majority support. Sometimes fiscal events look better – or worse – in hindsight, and it is delivery on issues such as the cost of living, economic growth, public services – especially the NHS – and immigration that will really count. But our research suggests Rachel Reeves is in for more difficult days as Chancellor.”

The 51% who felt Ms Reeves was doing a bad job as Chancellor is worse than Ipsos recorded for Jeremy Hunt or Rishi Sunak – both 44%.

Ms Truss’s mini-Budget, which brought forward huge tax cuts but was not costed by the Office for Budget Responsibility, sparked a major selloff in the bond market.

The Bank of England was forced to intervene to calm markets after pension funds became stuck in a loop of selling as prices plummeted.

It ultimately led to her resignation, making her the shortest-serving UK prime minister after 49 days.

Ms Reeves has faced fierce criticism for her welfare reforms.

She blamed “global uncertainty” while announcing swingeing cuts to welfare and other public spending designed to plug a fiscal hole caused by soaring borrowing costs and sluggish economic growth.

Ipsos, which polled 1,028 adults on Wednesday and Thursday, found the majority (54%) think the Government treats people on high incomes better than they should.

Almost three in five think the Government treats pensioners (59%) or working people (55%) worse than they should.