Mr Osborne is expected to start to give his speech to MPs in the House of Commons at 12.30pm this afternoon.
Potential topics that have been rumoured to be announced over the past few days include changes to higher rate tax relief, a cut to the maximum allowance to pension contributions and cuts to the lifetime allowance.
Mr Osborne's two self-imposed targets as Chancellor are to eliminate the structural deficit over the next five years and ensure that total Government debt, as a proportion of GDP, starts to fall by 2015-16.
Commentators from business and financial organisations have been keen to give their predictions of what they think will be announced.
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Chris Ralph, chief investment officer at St James Place Wealth Management, said: "Mr Osborne will have a tricky task: he needs to keep the financial markets onside by convincing them he is still on track to meet his self-imposed fiscal targets but at the same time avoid imposing huge dose of austerity.
"There is apparently a growing feeling among City economists that the Chancellor will resort to financial wizardry to balance the books and avoid further government spending cuts which would hurt the consumer."
Simon Bonnett, head of wealth management at Fiducia Wealth, and Carl Lamb, managing director at Almary Green, both commented on the possibility of removal of a tax free lump sum.
Mr Bonnett said: "The law of unintended consequences may well prove calamitous for new pensioners if the lump sum benefit is removed or restricted. We urge the Government to think wisely and not to implement any more major reforms that would put people off saving, especially with NEST only one month old."
Mr Lamb said: "Any change to pensions legislations is very damaging as it sends out the message that there is no stability in the pensions regime and makes it impossible for advisers to give their clients a consistent message about retirement planning.
"The more tax relief are watered down, the more people will wonder why they should bother with pensions."

• Financial Planner Online will be extensively covering the Budget this week with coverage of the announcements on the day and all the post-Budget reaction. It will be also be tweeting on the day via our feed @FPM_Online. Don't miss our coverage from 9am Wednesday morning.

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