- Rachel Reeves was named the worst chancellor of the past five by Brits, with just over a quarter (26%) saying she had the least successful tenure
- She was followed by Kwasi Kwarteng, chosen by 22%, and Rishi Sunak was in third place with 7%
- Rachel Reeves was particularly unpopular with Reform voters (51% chose her), Conservative supporters (40%), and people over the age of 65 (43%)
- Kwasi Kwarteng was unpopular with Labour voters (36% chose him), Lib Dems (32%), those who had voted to remain in the EU (32%), those aged 50-64 (29%) and men (26%)
- Rishi Sunak was voted as the most successful chancellor of the past five, chosen by 26% of people, with Jeremy Hunt and Rachel Reeves in joint second place at 8%
- Six lessons John Healey could learn from former chancellors’ time in office
Sarah Coles, head of personal finance at AJ Bell, comments:
“The 2022 mini-Budget achieved Hall of Infamy status almost as soon as Kwasi Kwarteng retook his seat, as the bond market tanked and the pound plunged. He was out of a job within a month and most of the measures he announced were reversed, and yet he has been voted only the second least successful chancellor of the past five – after Rachel Reeves.
“A vote like this will always have some recency bias. In addition, holding the post for longer meant more time for bad news to build for Reeves. John Healey has already been in the job for longer than Kwasi Kwarteng and Nadhim Zahawi. However, there were steps Reeves took which backfired too, which Healey could learn from if he wants history to be kinder to him.
“Meanwhile Rishi Sunak was a long way out in front of all the other chancellors when it came to being voted the most successful, and was particularly popular with older people and Conservative and Reform voters.
Six lessons for John Healey
“There are some lessons from the tenures of the past five chancellors that might help anyone in the job steer a less choppy course. We’ve looked at six that John Healey may want to bear in mind ahead of his red box debut on 28 October.
- Be clear
“The previous two Budgets were marked by an incredible amount of speculation in the months leading up to them. There were rumours coming out of government about things being considered, and then an enormous reluctance to confirm or deny them. It means people were incredibly worried about potential tax rises, and some felt forced into decisions that they came to regret.
“Offering clarity at a time when speculation can be damaging is incredibly valuable. It’s something the government has embraced in some areas – ruling out specific property changes in this Budget. However, it could go further. AJ Bell has called on John Healey to commit to a Pension Tax Lock – ruling out changes to tax-free cash or pension tax relief for the rest of this Parliament, to prevent people from taking steps they come to regret when they reach retirement.
- Avoid unnecessary complication
“Some of the measures announced in the past two Budgets have ushered in an extraordinary level of complexity and confusion. The cutting of the Cash ISA limit for over 65s means a multitude of new rules surrounding transfers and charges from April 2027. Meanwhile, introducing inheritance tax on pension pots has created a labyrinth of complexity for anyone dealing with an estate, also from next April.
“An industry which can seem horribly complex for people when they’re starting out can be doubly so if the products used to invest become harder to understand. Encouraging more people to invest should involve making things easier and clearer – not more complicated.
- Sort the details quickly
“One of the frustrations of recent Budgets is that announcements are made, and then no details are forthcoming. Take the post-Budget revelation that nobody who receives only state pension income will pay income tax when the new state pension crosses the frozen tax-free personal allowance. This didn’t come with any confirmation about what is considered income, so with the state pension set to breach the threshold in six months’ time, people still don’t know where they stand.
“Similarly, we heard a year ago that the Lifetime ISA would be replaced with a ‘First Time Buyer ISA’, and that people could continue to use their Lifetime ISA as usual after the change. However, since then there has been no detail on the timing, what the new ISA might offer as a bonus, or whether it will be possible to switch from a Lifetime ISA to this new product later.
“It’s important not to rush the details, but there’s the hope that Healey will use the period before the Budget to consider all the implications of his plans, so there are no huge delays to announcing them either.
- Don’t hit people when they’re down
“One of the least popular moves Reeves made was restricting the winter fuel allowance from 2024/25 to those receiving pensions credit. It was the first major announcement she made after the election, and the change affected vast swathes of state pensioners – taking a universal benefit for nearly 11 million people to a far smaller benefit for 1.5 million.
“For pensioners on relatively modest incomes, still reeling from the cost-of-living crisis, this was a bitter blow. It didn’t help that while energy prices had come down from their peak, they were still high by historic standards. It affected households on lower incomes, including those who qualified for pension credit but didn’t claim it, who felt this was money they couldn’t afford to lose, leaving some of them wrestling with difficult decisions about heating their home and eating.
“The policy was changed in time for winter 2025/26, so that everyone would receive the benefit, but those with incomes over £35,000 would repay it through self-assessment or PAYE. Around 9 million pensioners received the benefit. However, the impact of cutting such a vital benefit for retirees at such a difficult time wasn’t forgotten. It’s why it’s not a major surprise that so many people aged 65 and over named Reeves as the least successful chancellor.
“Healey may have some difficult choices to make, but should bear in mind the impact of making cuts that affect pensioners on lower incomes.
- Don’t leave people worse off today
“Sunak is remembered more fondly than any of the other chancellors, despite being the first to freeze income tax thresholds. The freeze was subsequently extended by Jeremy Hunt and Rachel Reeves, but there has been remarkably little fallout from a policy that by 2031 will cost taxpayers an extra £67 billion. The OBR estimated in March that between 2022/23 and 2030/31, there could be 6.1 million more people paying income tax, 4.8 million more paying income tax at the higher rate, and 0.6 million more at the additional rate.
“The reason why this has been such a stealthy tax rise is that it hasn’t left anyone with less cash in their pocket. Instead of increasing the rate, which would have left people feeling instant pain, the frozen thresholds simply mean the Treasury takes a bigger slice of people’s future pay rises.
“Of course, the cumulative impact is becoming clear now, as more people are forced into new tax bands. Frozen thresholds have become an issue on the doorstep, so extending the freeze would be incredibly unpopular. The question is whether Healey can find other ways to raise revenue without leaving people worse off.
- Be generous when possible
“Healey isn’t going to find this information very useful at a time when money is so tight and his fiscal headroom is shrinking horribly, but giving money away can be an incredibly popular move. One of the things Sunak’s most remembered for is the pandemic furlough scheme, which put money in people’s pockets at a time when there was nothing else coming in. It was an incredibly expensive lifeline, and one that’s still being paid for, but it is likely to be one of the biggest reasons people remember him more fondly than other chancellors.
“While Healey may not be able to afford any big gestures, it’s a useful reminder that hope is important, so no Budget should ever be wall-to-wall bad news.”
*Source: AJ Bell/Opinium. Based on a survey of 2,050 nationally and politically representative UK adults carried out online by Opinium on behalf of AJ Bell between 9 and 11 September 2026.
