NHS and health and social care

The Government is also under pressure to pump more cash into social care.

Departments have been told to make cuts of up to 6 per cent before the next general election.

The Treasury said savings in local government will be used to help meet pressures in over-stretched social care services.

Mr Hammond has hinted there could be as much as £1bn extra made available for social care.

Housing

Mrs May has signalled that the Government will do more to support renters in the latest Budget by building more affordable rental properties.

Previous policies, such as Help to Buy, were focused on supporting home ownership.

Buy to let

Changes to buy-to-let taxation come in from April, meaning buy-to-let investors can no longer deduct their mortgage costs against their rent to calculate profits.

The changes are being phased in from 2017 and fully implemented by 2020. From April 6, only 75pc of mortgage interest can be deducted against rental income to calculate profits. This decreases by 25pc each year until none can be accounted for in the 2020-21 tax year.

Income tax

The personal allowance is due to rise to £11,500 this April, while the higher rate threshold will rise to £45,000. The increases form part of the Government's pledge to raise the personal allowance to £12,500 and the higher rate threshold to £50,000 by the end of the decade.

Mr Hammond could announce the path of future increases in this Budget.

Inheritance tax

April sees the introduction of the main residence nil-rate band, better known as the "family home allowance". This is worth £100,000 per person when passing on a main home in addition to the normal £325,000 per person inheritance tax allowance.

As a result each individual can pass on £425,000 without paying inheritance tax, so long as it includes the family home and passes directly to children or grandchildren and not via a discretionary trust.

The new allowance will increase by £25,000 a year until it reaches £175,000 in April 2020. That will give each person a £500,000 allowance, or £1m for a couple.