UK's Javid says would spend up to 3% of GDP on infrastructure

British finance minister Sajid Javid said a new Conservative government would introduce a fiscal rule allowing it to spend billions of pounds more on infrastructure up to 3% of annual economic output.

Javid, who said it was a responsible time to invest in the country, said he would keep a balanced current budget for day-to-day spending but would borrow more to invest.

He said investment in long-term projects like road and rail would not exceed 3% of gross domestic product.