The Chancellor Sajid Javid has pledged that the Tories will spend £20b on public services if they win the election.
In a sign that the days of austerity are over, the promise will shatter the current fiscal rules established by his predecessor of aiming to keep borrowing below 2% of national income.
“I’m announcing new fiscal rules that if elected will allow us to take advantage of the opportunity to invest in our future and our public services but without squandering the hard work of the British people.
“Like anyone who budgets whether it’s a household or small business or large business, I know that we must keep track of what we’re spending, and what we bring in.
“We can’t run an overdraft forever on day-to-day spending, so I can confirm that our first rule will be to have a balanced current budget. What we spend cannot exceed what we bring in.”
“Now, while we must retain spending if we want growth to continue and get stronger in the future, then we need to invest in it. Taking the opportunity offered by those historically low borrowing rates.”
Mr Javid added: “Investment in long-term projects like road and rail will not exceed 3% of GDP.
“Now compared to the long-term average of 1.8%, that represents a huge step change in what we currently invest. It means billions of pounds more to spend and the infrastructure revolution that this country needs.”
The Chancellor also urged British voters to help the Conservative Party put an end to Corbynism “for good”