25/03/2012 02:15 BST | Updated 24/05/2012 06:12 BST

Labour Gains In Polls After 2012 Budget Is Savaged By Voters

Labour has overturned the Conservatives' lead in the wake of George Osborne's highly controversial Budget, according to a poll published today.

The Tories are now trailing Labour by a point, the ICM survey for The Sunday Telegraph found. A poll by the same company in the days before Wednesday's Budget showed the Tories leading by three points.

The post-Budget poll also suggested many voters were against some of central measures in the Chancellor's statement.

Some 63% said they did not support the so-called granny tax which will see age-related income tax allowances phased out. Only 22% backed the move.

Just 8% of respondents said they thought they would be better off from the Budget, while 37% believed they would be worse off, and 47% thought their circumstances would not change significantly.

Cutting the top rate of income tax for the highest earners, from 50p to 45p, was opposed by 56% compared with 36% who supported it.

However, there was overwhelming support - from 79% - for the raising of the income tax threshold to £9,205.

Support for Labour, which has voiced strong criticism of what it calls the "Budget for millionaires", has risen two points since last weekend to 38%. The Tories are down two on 37% and their Liberal Democrat coalition partners are down two on 13%.

:: ICM Research interviewed a random sample of 1,000 British adults by telephone on March 22 and 23.