Chancellor Kwasi Kwarteng will later unveil a mini-budget with National Insurance and corporation tax cuts.
Details of cuts to other taxes such as stamp duty may also be announced as the government tries to limit the impact of soaring energy bills on households.
Experts expect it to be the biggest tax-cutting event for 34 years.
Labour said funding these tax cuts by borrowing would leave people paying more for longer.
However, the government hopes the tax cuts will boost the economy, increase its revenues and prevent a massive increase in the national debt.
The government has confirmed it will let people keep more of their earnings by cutting National Insurance (NI).
Other measures could include:
The announcements will be made by new Chancellor Kwasi Kwarteng, who is in charge of the public finances.
The tax-cutting plans under consideration could cost at least £30bn.
There is speculation that the government may cut stamp duty, a tax paid when people buy a property in England…
This article was written by and originally published on www.bbc.co.uk