The plan could hand fresh cash to Labour's former heartlands, which backed the Tories in election.
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It could help boost investment in infrastructure, business development projects and schemes like free ports.Current rules require government to allocate cash to projects that promise the biggest economic benefits.But under the new plans, reported on Friday, investment decisions would be made with a focus on reducing inequality between northern and southern England, rather than promoting overall economic growth across the country.
New rules would allow money to be spent on different criteria - improving wellbeing and productivity imbalances across the country. That includes transport schemes and scientific research and development. But, in the South, that investment will help a regional economy that is already expected to grow significantly, he told the BBC.
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