Stephen Crabb, a candidate in the Conservative leadership race, has pledged to create a £100 billion Growing Britain Fund for infrastructure projects including social housing and school buildings if he becomes the next Prime Minister.

Crabb, the current secretary for work and pensions, said that funding would come from issuing new government bonds after bond yields fell to a record low and brought down borrowing costs following Britain’s vote to leave the EU.

“The cost of borrowing is incredibly low. Spending government money on infrastructure has therefore never been more affordable,” Crabb said.