Announced as part of the Prime Minister’s speech to the CBI Annual Conference 2014, the programme will see the funds invested by the end of the decade on projects including hundreds of extra lane miles on motorways and trunk roads.

This includes improvements to the A303 to the south west, the A1 north of Newcastle, the A1 Newcastle-Gateshead western bypass, the Trans-Pennine roads in the north of England, the A47 in the east of England and the A27 on the south coast, which will form part of the Autumn Statement.

Mr Cameron said: ‘Our long-term economic plan is turning Britain round. And nowhere is this better demonstrated than in what we are doing on infrastructure.

‘We inherited a huge budget deficit and frankly, as we went about finding savings, it would have been easy for us to cancel Crossrail, cancel HS2, cancel projects that were politically controversial.

‘But we didn't. We know to secure Britain's future, we need world-class infrastructure. Families need it to get around; businesses need it to create jobs; we need it to compete with the world and deliver economic security.’

He added: ‘This will be nothing less than a roads revolution – one which will lead to quicker journey times, more jobs, and businesses boosted right across the country.’