The change is seen as key to fulfilling Boris Johnson’s election pledge to unlock investment in communities that voted Conservative for the first time

The Treasury is planning to rip up decades-old public spending rules in an effort to boost economic wellbeing in the north and the Midlands.

Under proposals being drawn up before the spring budget, ministers will reassess how officials calculate the value for money of government investments in transport infrastructure, business development and initiatives such as free ports.

Investment decisions would be less focused on overall national economic growth and, for the first time, Whitehall resources would be allocated on the basis of improving the wellbeing of people in the north, or narrowing the productivity gap with the south.

The change is seen as key to fulfilling Boris Johnson’s election pledge to unlock an investment bonanza in communities that voted Conservative at the