Osborne has painted a decidedly bleak picture of the U.K. economy in recent media interviews, potentially preparing the country for growth downgrades in the Budget.
At the moment the U.K.'s Office for Budget Responsibility forecasts the economy will grow by 2.4 percent this year and 2.5 percent in 2017. However expectations are high that these forecasts could be trimmed this week.
"There will be less good news in this Budget than Mr. Osborne might have expected 10 months ago in the warm afterglow of the Conservatives' election victory. Once again events are conspiring against the Chancellor, making the path of fiscal rectitude longer and more arduous than he had hoped," Ian Stewart, Deloitte's chief economist, said in an article published on the firm's website.
The U.K. economy grew by 2.2 percent between 2014 and 2015 in volume terms and 0.5 percent in the last three months of the year, according to official statistics.