The Chancellor will promise to increase infrastructure spending on major projects including road, railways and housing in his first budget.
He will set out Tory plans to “level up” the economy despite fears coronavirus could mean election pledges fall by the wayside.
Boris Johnson promised to invest in the “red wall” towns across the North and Midlands after the Tories won the election.
His new Chancellor Rishi Sunak, appointed less than a month ago, will pledge to triple the investment made over the last 40 years.
Sources suggested he could promise a total £600bn for capital spending by the middle of 2025.
There will also be more money for broadband and scientific research to help boost the UK’s post-Brexit economy.
But Mr Sunak remains under pressure to spend more on day-to-day spending as well as infrastructure projects that will take years to deliver. Town halls, schools and hospitals which deliver vital frontline services have all suffered from a decade of Tory cuts.
Mr Sunak may also have to rip up the Government’s own fiscal rules - set out in the Tory manifesto - to deliver the big cash injection.
“We have listened and will now deliver on our promise to level up the UK, ensuring everyone has the same chances and opportunities in life, wherever they live,” he said.
“By investing historic amounts in British innovation and world-class infrastructure, we will rebalance opportunities and lay the foundations for a decade of growth for everybody.”
