Italy and Spain start to feel the pinch
By George Parker in London
Published: April 13 2008 22:15 | Last updated: April 13 2008 22:15
The Italians and Spanish are feeling the brunt of the credit crunch more than people in other big western European countries, but they are the most confident about their government’s ability to handle the crisis, according to a Financial Times poll.
The FT/Harris poll finds that, while many Europeans are yet to feel the impact of the financial crisis in their daily lives, 22 per cent of Italians and 16 per cent of Spaniards say it has already had “a major impact”.
Although citizens in both countries still have some faith in their governments to steer their countries to better times, the poll reveals that Britons have dramatically lost their belief in Gordon Brown, UK prime minister.
Mr Brown built his political reputation on his stewardship of the economy as finance minister, but the financial crisis, depleted public finances and falling house prices have taken a heavy toll.
The poll found that 68 per cent of Britons had no confidence in their government’s ability to deal with the crisis. That figure fell to 52 per cent in Germany, 51 per cent in the US, 50 per cent in France, 43 per cent in Italy and 36 per cent in Spain.
The poll found that Britons – along with Italians – were the most likely to list “excessive taxes” as the biggest problem facing the economy, with 25 per cent putting it at the top of the list. In France, Spain and the US the issue hardly figured at all.
The credit crunch has had a variable effect on Europe’s biggest economies so far, with almost half of Germans (47 per cent) saying it had not impacted at all on their daily lives. Some 44 per cent of Britons and 35 per cent of French said the same.
Rising prices for food and energy remain the main economic concern in most countries.
The poll also finds support for the idea that a government or central bank should help failing banks.
FT/Harris poll: handling the credit crisis
Copyright The Financial Times Limited 2008
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