With the Chancellor, George Osborne, set to report his annual Budget next Wednesday, the report by www.MyVoucherCodes.co.uk, which surveyed over 1,500 UK adults, found 51% did not know what the statement was, only a third fully understood and 13% had a ‘rough idea’.

Mark Pearson, chairman of MyVoucherCodes.co.uk, said:

“It’s quite surprising to see that so many people don’t know what the Budget is, because the announcements will no doubt affect them directly in some way, shape or form. I think the general public need to be more aware of announcements made in relation to tax and spending, because it’s good to be in the know.”

Out of the respondents who did know what the Budget statement was and what it involved, the majority want to see a fuel duty price drop (67%) and over half want a reduction in income tax (59%).

Other popular measures included a tobacco duty increase (41%), an alcohol duty price drop (32%) and a stamp duty decrease (29%).

Pearson added: “The only way to keep track of your finances is to be aware of the price rises and drops going on around you, so I’d certainly recommend that all UK adults really tune in to what is said this year.”