The Chief Secretary to the Treasury, Danny Alexander, has denied reports that ministers are discussing how to inject up to £5bn into the economy to stimulate growth. The money would be used on major infrastructure projects. But Mr Alexander said the coalition already had clear spending plans and it was sticking to them.

"I just don't recognise the numbers involved or the process as described," he told Today presenter Justin Webb.

"There are things we are doing on capital spending because of course investment in infrastructure is something very important to the UK economy so as Nick Clegg was saying in his speech last week, I am engaged with Cabinet colleagues to make sure the projects we have funded are delivered on time and on budget."

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