A review of business rates to help High Street shops compete with internet retailers is among measures expected in George Osborne's Autumn Statement.
The chancellor is also expected to unveil support for small business as well as pre-announced spending on the NHS, flood defences and road schemes.
But he will face criticism over the size of the UK's budget deficit.
Labour said the chancellor had failed to keep his 2010 general election promise to clear the deficit.
Lib Dem Treasury Chief Secretary Danny Alexander said on Tuesday "several tens of billions" more savings were needed to eradicate the deficit by 2017/18.
But he said it was a "smallish" effort compared with measures announced.
The Autumn Statement - which was called the pre-Budget report under the previous Labour government - will be delivered by Mr Osborne at 12:30 GMT in the Commons. It is a chance to flag future tax and spending plans as well as set out the state of the nation's finances.
Critics predict that Office for Budget Responsibility figures will show that the government is failing to meet its borrowing forecasts, in part because of lower-than-expected revenues from tax.
Much of the likely content of the statement is already known:
- There will be confirmation of an extra £2bn being put into health services across the UK
- The government has already announced more than 1,400 flood defence projects are to receive funding to protect 300,000 homes. The Treasury says the £2.3bn investment - which is not new money - will help prevent £30bn of damage in areas including the Thames and Humber Estuaries
- Bicester in Oxfordshire has been chosen as the site for the coalition's second new garden city. Up to 13,000 new homes are due to be built on the edge of the town, as part of the coalition's plans to help deal with the UK's housing shortage
- A tunnel is to be dug to take a congested main road past Stonehenge. The 1.8-mile (2.9km) tunnel is part of a £2bn plan to make the A303 a dual carriageway
- Deputy Prime Minister Nick Clegg is set to pledge an extra £150m of funding to help children with eating disorders. The aim is to invest in preventative therapy to cut the need for hospital treatment
Writing on Twitter, Prime Minister David Cameron said the statement would show "why we must stay the course to prosperity".
The review of business rates - which are calculated according to the rental value of the property a business uses - will not report until the 2016 Budget.
Business groups have been calling for a review of the 400-year-old taxation system.
BBC political editor Nick Robinson said the chancellor was saying it was "unfair that High Street shops pay an awful lot compared with their internet competitors".
The Treasury has also said it will guarantee £500m of bank lending to small and medium-sized businesses and pledged £400m to extend a funding scheme for such companies.
The chancellor is expected to scrap a mechanism that could have seen the cost of fuel rise next year, while an announcement on stamp duty has been forecast and cities are expected to be given more power over their finances.
But shadow chancellor Ed Balls criticised Mr Osborne for failing to "balance the books".
"Unless growth is strong and wages are rising for working people the deficit doesn't come down," he said. "Without a plan for jobs and work, it's not going to work."
Former Conservative chancellor Ken Clarke claimed the UK would have been in a "bad way" had Mr Osborne stuck to his target of eradicating the deficit before the election.
"I actually think that although it wasn't entirely planned, it was very sensible we didn't do it that quickly," he told BBC Newsnight.
Mr Alexander, the chancellor's deputy in the Treasury, argued that the UK must "stay on course" in its efforts to reduce the deficit.
He was speaking at the launch of the National Infrastructure Plan, which includes £466bn of privately and publicly-funded schemes and plans for a government agency to control housebuilding on a former RAF base near Cambridge.
The chancellor will deliver his Autumn Statement at 12:30 GMT on Wednesday 3 December
There will be full, live, coverage of the Autumn Statement on the BBC News website
You will also be able to watch the event on a special programme on BBC Two and the BBC News Channel from 11:30 GMT, or listen to Radio 5 live from noon
He said: "There will be further work to be done on completing the job, finishing the job of eliminating the structural deficit. That will be several tens of billions of pounds more.
"But in the context of what we have done so far this Parliament, it is a further effort but it is a smallish - it's maybe another third or so, a quarter, of that effort that needs to be carried on in the years up to 2017/18 which is when we have said we want to eliminate the structural deficit by."
The UK's deficit - the difference between what the government spends and the amount it raises in taxes - has come down in recent years, but Mr Osborne is expected to say it will not drop to £86.6bn as forecast for the current financial year.
This is despite the economy growing at what is expected to be its fastest rate since 2006.
Paul Johnson, director of the Institute for Fiscal Studies, said that while the economy was growing, the effect of slow wage growth on tax receipts meant the deficit was not expected to be much lower than last year.
He said: "We're going into the next election with a £100bn deficit or thereabouts. The Conservatives at least say they want to clear that entirely over the period of the next Parliament.
"£100bn is an awful lot of work to do."
'Austerity experiment'Labour has accused ministers of costing the taxpayer tens of billions of pounds in lost revenues through the "abject failure" of its economic policies.
The party said ordinary families were paying the price for Mr Osborne's failure to fulfil his promise at the last general election in 2010 to clear the deficit and start paying down Britain's debt by the end of the current Parliament.
The Scottish National Party has called for George Osborne to use his Autumn Statement to commit to swift action to implement the Smith Commission recommendations on further Scottish devolution.
The party's deputy leader, Stewart Hosie, said: "Next May, the Scottish people will deliver their verdict on Mr Osborne's time as chancellor. As his austerity agenda continues to inflict pain across the country and his list of broken promises grows longer, Mr Osborne is rapidly running out of time to redeem himself."
Plaid Cymru's Treasury spokesperson, Jonathan Edwards, has criticised the UK government's "austerity experiment" which he said had led to "abject failure to balance the books". Mr Edwards also said Wales had "suffered disproportionately" from the government's spending cuts.
The Green Party of England and Wales has said the government's "dreadful austerity cuts to public services" have done "terrible damage". Party leader Natalie Bennett has called for a rebalancing of the economy.
Do you run a business? What are you expecting to hear in the the Autumn Statement? Please get in touch by emailing haveyoursay@bbc.co.uk.
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