George Osborne
George Osborne's big announcement is expected at 12.30pm after Prime Minister's Questions Getty

George Osborne is to give the last throw of his economic dice as he unveils his final Budget of this government today.

The Tory Chancellor will hope that the measures will win over voters ahead of the general election in May.

The 43-year-old, who assumed office in May 2010 when the Tories formed a Coalition Government with the Liberal Democrats, is expected to make his big speech at 12.30pm after Prime Minister's Questions.

Labour's shadow chancellor, Ed Balls, will then give his own speech to MPs in the House of Commons in attempt to rebuke and hold Osborne to account.

The Tories, who have campaigned hard on their economic record, released an American-style attack advertisement ahead of the Budget.

The short video shows footage of Balls and Labour leader Ed Miliband when the two served in the Treasury under Gordon Brown.

The Conservatives, who boast about their "long term economic plan", end the advertisement on "don't risk it with Labour".

But Balls has blasted Osborne's proposed cuts, claiming that they would take the UK "back to the 1930s".

The latest YouGov poll for The Sun puts Labour on a two-point lead over the Tories (36% vs 34%), with Ukip on 12%, the Liberal Democrats on 7% and the Greens on 6%.

"George Osborne has the chance this week to assure the Conservatives of five more years in government," said Peter Kellner, the president of YouGov.

"If his Budget goes down well with voters, his party could gain enough extra support to govern on its own. Its prospects of an overall majority remain slim, but Cameron might be able to lead a minority government for a full five-year term against a splintered opposition."

IBTimesUK will be reporting on the Budget throughout the day. Make sure to follow @IBTUKPolitics and read our live blog for all your red box related news and commentary.