Britain's Treasury chief is set to unveil a budget replete with billions of pounds (dollars) in cuts to achieve a target of balancing the books in the face of weaker global economic growth.

George Osborne is likely to warn that "storm clouds" are gathering as he delivers a budget Wednesday in which Britain acts "now so we don't pay later."

A global economic slowdown, particularly in China, has weighed on the outlook for British growth, which Osborne was depending on to achieve his objective of eliminating the budget deficit.

As a result, Osborne is expected to announce 4 billion pounds ($5.7 billion) in spending cuts.

Osborne is also expected to invest some 300 million pounds in transport infrastructure in northern England, including the HS3 plan to improve east-west rail links.