In the year since the last Budget, Labour MPs have become increasingly critical of Reeves’s judgement.
The chancellor has been forced to make U-turns on some policies, including cutting the winter fuel payment.
There had also been concerns in the party about suggestions she would use this Budget to raise income tax rates, a move that would have broken the party’s election manifesto promise.
The government now appears to have stepped back from that proposal.
Instead, it could consider extending the freeze on the levels at which people start to pay income tax and national insurance, meaning more people are drawn into paying more tax on their wages and pensions over time.
The chancellor could also look at a range of smaller measures to raise money including new taxes on high-value homes in England, electric vehicles and gaming companies.
She needs to find more money in order to meet her own rules aimed at reducing debt and borrowing, while closing a gap in public finances, estimated to be around £20bn.
Other possible money-raising measures include:
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limiting a tax break on pension contributions to bring in around £2bn
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decreasing the tax break people get when buying a bicycle through the Cycle to Work scheme
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cutting the tax-free allowance on cash Isas from £20,000 to £12,000.
Reeves has also suggested she will scrap the two-child benefit cap, which limits the benefits parents can claim for their third child or subsequent children born after 6 April 2017.
The triple lock – which means the state pension increases by either 2.5%, average earnings growth or inflation – is expected to stay in place, while the living wage is likely to rise.
Ahead of the Budget, ministers have announced that pre-packaged milkshakes and lattes will be subject to the sugar tax.
Conservative shadow chancellor Mel Stride said he worried the Budget would see “tax on hard- pressed hard-working people being transferred into the benefits system”.
