Wednesdays Budget is expected to see the scrapping of the 50p tax for top earners, and the introduction of measures for low and middle income families.

The Budget is also predicted to see the introduction of plans to reduce the salaries of public sector workers in poorer parts of the country. The proposed ‘tycoon tax’ introduced by the Liberal Democrat is expected to be discounted.

George Osborne said on the Andrew Marr Show: "The bulk of the measures in the budget are going to be targeted at working people on low and middle incomes. That is our priority."