Public opinion, party messages, and responsibility for the financial crisis in Britain

The political consequences of the crisis in world financial markets are only beginning to be understood. In this article, we take up one of these many repercussions by examining public beliefs of who’s to blame for a complex and unparalleled set of events. Analyses of survey data from Britain find that while most assign responsibility for the crisis to market actors, the likelihood of blaming governments, as opposed to blaming banks and investors, is greater among low sophisticates and Conservative Party identifiers. We further show how elite messages from competing political elites evolved over-time and were reflected in mass beliefs about the crisis. Results highlight the centrality of partisan cues and, in particular, of political sophistication in understanding the dynamics of responsibility attributions. Lastly, we estimate the consequences of blaming the government for the crisis for voter choice.

► We examine public opinion about who's to blame for the 2008 financial crisis in Britain. ► While most individuals blame market actors for the crisis, the likelihood of blaming governments is greater for low sophisticates and for Conservative partisans. ► We report evidence that messages from political parties affected voter perceptions of the crisis.