Tory leadership contender Stephen Crabb pledges '˜immediate' electrification of Leeds-Manchester rail route

The Cabinet ministers want to create hundreds of thousands of jobs by funding infrastructure projects by raising money through government bonds.

They say the TransPennine rail route would be given “immediate finance” in their administration.

Britain needs a plan for growth as well a strategy for pulling Britain out of the European Union, they said.

The Work and Pensions Secretary will install Mr Javid as chancellor if he wins the race to succeed David Cameron.

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He said: “Our Growing Britain Fund will get Britain building, create jobs and economic growth. It is right that we focus on our exit negotiations, but we must also think about the steps we should take to take advantage of the opportunities that Brexit can bring.

“My team has a plan and is ready to take the strategic decisions needed to provide confidence in the UK now and in the years to come.”

The leadership team will instruct the Treasury to issue up to £20 billion of long-dated gilts each year for the next five years to finance infrastructure projects, such as a national fibre-optic broadband network and flood defences.

Major projects like Crossrail Two and 5G could also benefit and cash would also be invested in social housing, school buildings, new prisons and energy efficiency.

Mr Crabb and Mr Javid said said UK gilt yields are at record lows and they want to take advantage of the low borrowing to boost infrastructure spending. They also want to bring forward current infrastructure spending plans.

Mr Javid said: “We don’t just need a plan for exit from the EU, we need an economic plan for growth - that takes on the challenges that lie ahead.

“Infrastructure spending is one of the most effective ways to create jobs, boost confidence and turbo-charge our productivity. With record low Gilt yields, that’s exactly what we should be doing.

“Our infrastructure plan will create hundreds of thousands of jobs and will show the world that the UK is wide open for business.”