The Chancellor will kick off her speech after Prime Minister's Questions in the House of Commons at midday.
Speculation has been high over which taxes will go up amid confusion over Labour's pledge not to hit "working people".
The party's manifesto promised not to increase taxes on working people and explicitly ruled out a rise in VAT, national insurance and income tax.
There has also been fury over Ms Reeves's announcement in July that winter fuel payments would be axed for most pensioners.
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Tory peer says £22bn 'black hole' a fig leaf to hide tax rises
A shadow Treasury minister has warned Rachel Reeves is "likely to break promises made to the British people" in the Budget.
Baroness Vere of Norbiton accused the Chancellor of a "screeching U-turn" over changes to the Government's fiscal rules.
The Labour Party's manifesto laid out the Government's fiscal rules as: day-to-day spending must be met by revenues and debt must be falling as a percentage of GDP by the fifth year of the forecast.
However, Ms Reeves has confirmed that she will change how debt is calculated, which will alter how much debt the UK officially has to "free up that money to invest".
Lady Vere told the House of Lords on Tuesday: "Over the next 24 hours, the Chancellor is likely to break promises that she made to the British people in the run up to the election.
"And I am in no doubt that was always going to be the plan. "This is why the Treasury magicked up a fictional black hole, a black hole which rather incredulously contains spending decisions made by the current government.
"This fictional black hole will be invoked once again at the Budget statement tomorrow to act as a fig leaf to cover tax rises that will put more juice into the phrase 'tax people until the pips squeak'."
Baroness Vere of Norbiton accused the Chancellor of a 'screeching U-turn' (Image: Getty)
How is Rachel Reeves expected to sell her Budget to Brits?
Rachel Reeves will pledge to put "more pounds in people's pockets", fix the NHS and grow the economy in Labour's first Budget, despite warnings of tough decisions to come.
The Chancellor, the first woman to hold the role, will say there are "no short cuts" to driving the economic growth Labour has promised to deliver other than to invest.
In her speech, Ms Reeves is expected to say the "prize on offer" for Labour's plans is "immense", and will lay out new funding to cut hospital waiting lists, pave the way for more affordable homes and rebuild crumbling schools.
Rachel Reeves will pledge to put more pounds in people's pockets (Image: Getty)
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