Chancellor George Osborne, pictured ahead of the 2014 Budget
George Osborne is to set out his tax and spending plans in the Budget later - his last before the election.
The chancellor has pledged "no giveaways" or "gimmicks" in his speech, which will be delivered at 12:30 GMT.
Lower-than-expected inflation has generated a £6bn windfall through lower interest payments and a reduction in the annual up-rating of welfare.
Labour said the Conservatives were planning "more extreme spending cuts" after the general election.
Alongside expected pension reforms, Mr Osborne is likely to scrap the annual paper tax return, in favour of a drive towards digital records, and further increase the personal income tax allowance.
BBC deputy political editor James Landale said Mr Osborne's task was clear.
"He will try to use the Budget to end the deadlock in the opinion polls and give the Conservatives the political momentum they need to win another term.
"The chancellor will do that by trying to show voters the recovery is being felt by everyone across the country."
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