The Tories are in first place in a new poll as Labour drops to its lowest level since the general election. The survey by More in Common puts Kemi Badenoch’s party on 26%, up one point from the previous week.

Nigel Farage’s Reform UK is just behind on 25%, also up one point. Labour is down three points to 21% in the polling carried out in the wake of the spring statement.

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The Conservatives have increased their lead from the week before, while Sir Keir Starmer’s party has fallen from second to third place.

It is the lowest vote share the pollster has recorded for Labour since the general election last July.

The Lib Dems take 13%, the Greens 7% and the SNP 2% in the poll of 2,081 people carried out from March 28-31.

More in Common’s UK director Luke Tryl said: “Obviously this is just one poll and likely captured voters at a particularly tricky point for Labour. But the long-term trend seems unarguable.

“Labour have lost a third of the vote they won last July and far from resetting Labour’s fortunes the sprint statement seems to have worsened them.

“On the other side while the Tory-Reform split has the potential to benefit Labour, if the combined right vote is over 50% it might not ultimately matter with both parties of the right able to make significant gains at Labour’s expense.”

It comes after Chancellor Rachel Reeves made a series of cuts at the spring statement last week in a bid to balance the books.

But there are fears of more cuts or tax hikes later this year in order for Ms Reeves to meet the rules on the public finances that she has set herself.