The UK economy is "turning a corner", Chancellor George Osborne is expected to say during a speech in London later.
Mr Osborne will cite "tentative signs of a balanced, broad based and sustainable recovery", but is expected to stress that it is still the "early stages" and "plenty of risks" remain.
Mr Osborne will say that recent months - which have seen more upbeat reports on the economy - had "decisively ended" questions about his economic policy.
Labour has dismissed the comments.
The speech comes ahead of the Conservative Party conference later this month, and after a number of forecasts and surveys pointed to an acceleration in the UK's economic recovery.
Revised gross domestic product figures showed the UK economy grew by 0.7% in the second quarter of the year, with predictions it could reach 1% for the third quarter.
And last week the OECD economic agency sharply increased its growth forecast for the UK economy this year to 1.5% from an earlier estimate of 0.8%.
'It is working'Mr Osborne is expected to say: "The economic collapse was even worse than we thought. Repairing it will take even longer than we hoped.
"But we held our nerve when many told us to abandon our plan. And as a result, thanks to the efforts and sacrifices of the British people, Britain is turning a corner.
"Of course, many risks remain. These are still the early stages of recovery. But we mustn't go back to square one. We mustn't lose what the British people have achieved.
End Quote George OsborneThose in favour of a Plan B have lost the argument"
"This is a hard, difficult road we have been following. But it is the only way to deliver a sustained, lasting improvement in the living standards of the British people."
The government's "economic plan is the right response to Britain's macroeconomic imbalances and the evidence shows that it is working", he will say, in his address to an audience of academics, think tanks and businesses.
Mr Osborne will say that those who advocate an alternative economic path cannot explain recent improvements in the economic data.
And "the last few months have decisively ended" the idea that the scale and pace of his measures were to blame for much slower than projected growth over recent years, he will add.
"Those in favour of a Plan B have lost the argument," he will say.
Mr Osborne will say that heeding calls to abandon the government's economic plan in order to spend and borrow more would have undermined the recovery and "would be disastrous" now.
He will pledge to remain "vigilant" to threats from abroad - including growing instability in the Middle East pushing up the oil price and a fresh eurozone crisis - as well as at home.
'Rewrite history'And he will dismiss claims he is encouraging "the wrong sort of growth" - led by debt-fuelled consumer spending - insisting the evidence suggests "tentative signs of a balanced, broad based and sustainable recovery".
He will say there are many tough decisions still to be taken and that "the only sustainable path to prosperity is to reject the old quick fixes and stick to the course we have set".
Labour accused the chancellor of a "desperate attempt to rewrite history".
"Three wasted years of flatlining under George Osborne have left ordinary families worse off and caused long-term damage to our economy," shadow Treasury minister Chris Leslie said.
"This desperate attempt to rewrite history will not wash when on every test he set himself, this chancellor's plan A has badly failed - on living standards, growth and the deficit."
Opposition leader Ed Miliband is also expected to use his speech to the TUC conference to say the chancellor is "out of touch with ordinary families" by "congratulating themselves on the economy".
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