Millennials are 'shy capitalists' that would vote Tory if taxes cut

Millennials are ‘shy capitalists’ that would vote Conservative if taxes are cut, new report claims

  • Those aged between 25 and 40 prefer equality but want to keep their money
  • The report by think tank Onward was based on a survey of 8,000 people 

Millenials are ‘shy capitalists’ who could be tempted to vote Conservative with the help of lower taxes, according to a report released on Tuesday.

Research by centre-right think-tank Onward found those aged between 25 and 40 prefer equality over growth, but want to keep more of their own money.

The report, based on a survey of 8,000 people across Great Britain, also finds that the millennial generation is currently not becoming more likely to vote Conservative as its members age.

Millennials – born in the run up to the millennium – make up 26 per cent of the electorate and constitute the largest generation in 51 per cent of parliamentary constituencies.

The report reads: ‘When asked whether governments generally should prioritise equality or growth, this cohort prefers equality – as do Generation Z.

Millenials are ‘shy capitalists’ who could be tempted to vote Conservative with the help of lower taxes, according to a report released on Tuesday

‘But when asked whether they should keep more of their own money or pay more tax to support redistribution, they opt for lower taxes – similar to Boomers.’

It concludes: ‘The Conservative Party’s brand is particularly tarnished among 25-40 year-olds. Repairing it will require a focus on perception and policy.

‘All political parties have to make choices about what electoral coalition is the most viable and millennials might not be a core part of the Tories’ base now, but they will be in the future.’

The report also found that 21 per cent of millennials would back the Conservatives at a general election tomorrow, but 31 per cent see the party as ‘dishonest’.

The data also suggests Rishi Sunak is more popular than his party, with the Prime Minister 25 points better-liked among voters in their 30s than the Tories more generally.

Sebastian Payne, Onward director and one of the study’s authors, said: ‘Millennials are not becoming more Right-wing as they age, which is a serious long-term problem for the Conservatives.

‘More home ownership and better jobs are critical to winning back their support but so too are taxes.

‘They are ‘shy capitalists’ who prefer lower taxes instead of the Government redistributing their income.

‘Combined with their more positive attitudes towards Rishi Sunak, there is hope yet that millennials can be won back over. But they need optimism and hope for the future.’

Bim Afolami, Conservative MP for Hitchin and Harpenden, added: ‘Millennials are not supporting the Conservative Party in huge numbers, but they do hold conservative values. We have found there is real hope for the Party buried below the surface.

‘My generation of Conservatives can be the one that addresses the concern of younger voters about their levels of tax, the ability to own their own home, create a better future for themselves in a thriving economy, and make it easier to raise a family with better opportunities than you had.’

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