Mr Osborne will be speaking in the House of Commons at 12.30pm and, according to BBC News, is expected to say that that there will be "no miracle cure" to the country's economic problems.
However, there could be help to consumers and small firms in the form of a freeze on fuel duty. The Sun reports that the government is set to drop its planned 3p rise in this afternoon's statement, saving the average driver up to £10 per month.
TaxAssist Accountants has also laid out its predictions of what the statement will contain, including the possibility of more news on the "business bank", which could be introduced to help lending to enterprises.
The remaining predictions can be found here, while live coverage of the statement can be found on TaxAssist's Twitter page @TaxAssistUK.
Posted by Emily Smith