George Osborne is to set out his plans to support a "resilient" economy in Wednesday's Budget, focused on boosting economic security and aspiration.
Ahead of the chancellor's speech at 12.30 GMT, Treasury sources said the government's economic plan was working but the "job was far from done".
Among tax changes expected, the amount of income people receive tax free could be raised above £10,000.
But Labour said there had already been 24 separate tax increases since 2010.
Mr Osborne's fifth Budget as chancellor comes against a backdrop of a strengthening economic recovery, with unemployment and inflation falling and growth this year projected to be the among the strongest of any Western economy.
Economic recoveryBusiness groups have forecast that the UK's total economic output will exceed its pre-recession peak in the second quarter of 2014 after the economy grew by 1.9% in 2013.
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But Labour says the majority of people are worse off than four years ago and that household budgets are being squeezed as prices continue to rise faster than wages.
And some ministers have also expressed concerns that the recovery is being driven by debt-fuelled consumption and a boom in house prices in London and the south of England.
BBC political editor Nick Robinson said Mr Osborne was focused on addressing what he saw as the UK's historic economic weaknesses, particularly the need to increase manufacturing output and improve the UK's balance of payments by boosting exports.
He said he expected the chancellor to unveil schemes, incentives and tax breaks for some businesses.
A further rise in the personal tax allowance - the level at which working age people start paying income tax - is also possible, he added. It is already due to rise to £10,000 in April.
'Held nerve'Alongside details of proposed tax and spending changes, Mr Osborne will announce the Office for Budget Responsibility's latest forecasts for economic growth and government borrowing for the years ahead.
Mr Osborne has insisted deficit reduction remains his number one priority, with the ultimate goal of delivering an annual budget surplus before 2020. But critics say he has missed targets and has borrowed billions more than originally planned in 2010.
In the run-up to the Budget, the government has announced plans to offer up to £2,000 in subsidised childcare to working families after the next general election, a proposed rise in the hourly minimum wage to £6.50 and an extension of the Help to Buy Scheme for aspiring homebuyers.
Among other measures also predicted to be in Wednesday's statement include a cut to bingo duty, extra money for flood defences and a requirement for banks to refer businesses whose loan applications they reject to alternative lenders.
Mr Osborne is also expected to give more details of a proposed five-year cap on structural welfare spending from 2015.
A Treasury source said that despite the economic recovery, the UK was still borrowing too much and difficult decisions would have to be made.
"We have to invest more and export more, and support growth in every region of our country and all parts of our economy," they said. The key to future prosperity, the source added, was ensuring the UK "earns its way in the world, backs business, and helps people achieve their aspirations".
'Tory con'The Confederation of British Industry has urged ministers to do more to encourage business investment as well as reducing cost pressures on energy-intensive companies.
"Start Quote
End Quote Chris Leslie LabourWe need a Budget that tackles the cost-of-living crisis which has left working people £1,600 a year worse off under the Tories"
But Labour said the reality was that millions of people were worse off than when the coalition came to power in 2010.
"George Osborne wants to take credit for increasing the personal allowance but hopes people forget his 24 Tory tax rises, including the VAT hike," said shadow Treasury minister Chris Leslie.
"While millionaires have been given a huge tax cut, the truth is millions of hard-working people have seen their taxes go up. It is the same old Tory con - giving with one hand while taking away much more with the other."
Labour has pledged to reinstate the 10p tax rate for low earners and raise the top rate of tax to 50p for those earning more than £150,000 a year if they win the next election.
"We need a Budget that tackles the cost-of-living crisis which has left working people £1,600 a year worse off under the Tories," Mr Leslie added.
What issues do you face as a family? What do you want to see in this year's Budget? Email us at haveyoursay@bbc.co.uk adding 'Budget' in the subject heading and including your contact details.
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