The people’s priorities are quite clear

Our end of year poll shows the electorate wants tough and decisive action on banks and bankers’ pay, writes Paul Moran

AS THIS year draws to a close, this latest Millward Brown poll asks where the electorate feel the Government’s priorities should lie in 2013. More than half feel it is time that legislators put the issue of the banks clearly in their crosshairs. When asked what should be prioritised, 50 per cent specifically demand that the Government be more assertive on the issues of bankers' pay, pensions and lending policies. It appears that the drip-feed of revelations about the activities of the banks are akin to death by a thousand cuts to the general public.

While the current government mantra that the banks' actions are “commercial decisions” may be technically correct, it holds no sway with a populace that feels it is being pummelled on all sides.

The performances of banking officials at the Oireachtas finance committee have been viewed by many with a sense of incredulity. This, together with ever-increasing fees (illustrated this week by credit card charges being upped, on the back of recent mortgage variable rate increases), adds to a burning sense of injustice that we expect to be righted.

Given the scale of the funds that have been pumped into the pillar banks already, it is inevitable that all their decisions will come under the microscope of an increasingly frustrated electorate.

It may also well be that the banks are perceived as the more accessible of targets.

Fewer than one in four (23 per cent) feel that the Government should primarily focus its attentions on the lending terms we have with the troika. From previous research, we have also seen that there is a large dose of scepticism as to whether this administration can realistically negotiate a meaningful deal with the troika.

Regardless of where we seek to prioritise, one thing is clear: something has to change — only five per cent feel the Government should carry on with its current policies alone. So where does this leave us? The current economic situation, and recent events in particular, have left us more fearful for the future. Nearly six in 10 feel they will be worse off this time next year — representing the highest level of financial anxiety we have seen so far.

This poll commenced as the implications of the Budget were being made clear — the fears that people had in the run-up to the Budget seem to have been realised. While the Budget may have been described by the Government as fair and equitable, it hasn't gained much sympathy from the electorate.

Regardless of the cost to the individual as a result of the Budget, the impact it may have on consumer confidence means we are continuing in a downward spiral for the time being — especially in terms of the domestic economy.

Those most likely to be financially downbeat about the coming year are female or in the 35 to 44 age bracket. Those in this age group in particular are more likely to be nursing negative equity, so for them the introduction of the property tax would seem to be anything but equitable.

Nonetheless, there has been a marginal increase in the proportions who feel fiscally optimistic about 2013 — one in 10 feel they will be better off next year — with 18 to 24-year-olds (18 per cent) driving this buoyancy.

So, politically, how do we remedy this mess? For many, the answer lies in the formation of a new political party. Exactly half feel there is a need for a new party at this time — a sobering statistic for all our representatives. Those most likely to endorse this view are female, younger (25 to 34-yearolds), based in Connacht/Ulster or from a lower socio-economic background. Of course, the motivations for wanting such a development are diverse. Regardless of this, as an endorsement of the current body politic it speaks volumes.

Nearly four in 10 (38 per cent) feel there is no need for a new political party. Opposition towards such a development is higher among males, those aged 55-plus and Dubliners. While many will proffer this opinion based on their own party allegiances, it is reasonable to assume that, for some, a new party might not necessarily be able to offer any real change, given our financial position and electoral system.

As we head towards a new year, we are resigned to more pain, but have nevertheless signalled to our politicians where their priorities should lie. However, there is a doubt for many whether our current political system is best placed to guide us through this unprecedented turbulence.