However, the cost of this could be enormous, with PricewaterhouseCoopers (PwC) suggesting public sector net borrowing deficit could exceed £100bn in the 2010/11 tax year.

Experts expect the announcement to include a drop in the rate of VAT to 15% for a set period – a cut that would cost the Chancellor £12.5bn. Alongside this, the report may extend the temporary measures put in place to help those on low incomes caught out by the scrapping of the 10p tax band.

The freeze on fuel duty increases may also be continued, although with oil continuing to fall (south of $50 [£33] a barrel recently), the pressure to do so is weakening.

For businesses, the Institute of Directors has called for a 4p cut in corporation tax. Other experts suggest other forms of tax breaks to help businesses recruit.

Measures to increase public spending are also expected that would mitigate the effects of the recession.

However, most agree that the boon will be short-lived, followed by tax increases in the future to claw back funds to the Treasury.

John Hawksworth, head of macroeconomics at PwC said: "The Chancellor faces a huge challenge in producing a fiscal policy package that is both effective and affordable.

"An unfocused borrow now, pay later, approach could exacerbate the UK's current and coming economic situation unless the package is sensibly thought out, carefully targeted and strictly temporary in nature.

"We believe that there is a way to do this, but it requires the short-term fiscal stimulus to be combined with a credible commitment to a tough public spending regime in the medium-term."

All eyes will also be on the Chancellor's predictions for GDP growth/contraction, which Darling is expected to revise sharply downwards from the current forecast published in March of 2.5% to a negative figure.

For live updates on the pre-Budget report, see printweek.com today from 3.30pm.