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Confidence in George Osborne’s handling of the economy has tumbled since the general election, a poll reveals today.

Some 47 per cent think the Government is doing a bad job at running the economy, found Ipsos MORI researchers. The figure is up from 37 per cent in March 2015, when the Conservatives kicked off their general election campaign on the back of rising growth.

Better than expected retail sales figures announced today gave what one City analyst called “a tonic” following “a stream of recent disappointing news on the UK economy”.

However, a report found that North Sea oil and gas operators plan to lay off one in six UK-based workers this year because of falling confidence.

Ipsos MORI found optimism about the economy among the public has fallen again, hitting the lowest level since March 2013.

Just 18 per cent think things will get better over the next 12 months, down from 43 per cent in April 2015. Some 38 per cent think things will get worse in the year ahead, up from 17 per cent.

The Chancellor, the Bank of England and the International Monetary Fund have all stressed that jitters about a possible Brexit vote have caused firms to postpone appointments and investment decisions, slowing growth.

But the public think the Government has been less competent at managing the economy. In March last year, 56 per cent said it was doing a good job, but that has dropped to 42 per cent.

The survey also had bad news for Jeremy Corbyn, with Labour seen as less ready to form a government than during Ed Miliband’s first year as leader.

Almost two thirds of the public — 63 per cent — do not think Labour is ready to form a government. This figure was 57 per cent for Mr Miliband in May 2011.

Just 22 per cent think Mr Corbyn is ready to be prime minister, while 65 per cent say he is not. Mr Miliband’s score in his first year was 17 per cent ready and 69 per cent not ready. Even among Labour supporters under half think Mr Corbyn is ready to be PM.

Economist Howard Archer, of IHS Global Insight, said the retail figures gave hope that consumer spending could soften a slowdown this summer. “Nevertheless, underlying growth in retail sales has slowed,” he said.

Sales volumes were 4.3 per cent higher in April than the same month last year, but cold weather held back clothing sales.