LONDON, U.K.: Britons’ outlook on the economy has hit an all-time low, with public confidence plunging to its weakest point since records began more than four decades ago, a new Ipsos MORI poll over the weekend showed.

The survey found that 75 percent of Britons expect the economy to worsen over the next 12 months, an eight percentage point jump from March. Only seven percent believe conditions will improve, while 13 percent think the situation will stay the same. The resulting net balance of minus 68 is the lowest since Ipsos first started tracking the data in 1978.

Ipsos said the bleak sentiment surpasses levels of pessimism seen during previous crises, including the 1980s recession, the 2008 global financial crash, and the COVID-19 cost-of-living crisis, when the lowest net balance previously reached minus 64.

Confidence had already been weakening among businesses and consumers in Britain, and fresh concerns over new U.S. tariffs and the broader economic environment have compounded the downturn in sentiment.

The findings come as a setback for Labour Prime Minister Keir Starmer, who won office last July with a pledge to turn Britain into the fastest-growing economy in the Group of Seven.

“Pessimism about the economy (was) already up 30ppts compared with last June even before this month’s figures,” said Gideon Skinner, Ipsos’ senior director of UK Politics. “Few prime ministers have faced this level of economic pessimism at this stage.”

Britain, which relies more heavily on trade than other G20 nations, is currently trying to negotiate a new economic agreement with the United States to avert the impact of reciprocal tariffs.