Conservative manifesto launch: Tories pledge 27-times less than Labour in new funding

Boris Johnson presents the Conservative Party's Manifesto on Sunday. (AP)

Boris Johnson pledged to spend around 27-times less than Jeremy Corbyn in new funding as he revealed the Conservative manifesto on Sunday.

During the launch in the Shropshire town of Telford, the Prime Minister said his party had budgeted for £3 billion per year in new spending.

The figure was significantly less than the amount outlined by the Labour manifesto, which pledged £82 billion per year.

Mr Johnson sought to characterise the election contest as a battle between “retrograde destructive socialism” under Labour and “sensible one nation Conservatism” under the Tories at the manifesto launch.

“In this manifesto there is a vision for the future in which we unite our country,” he said.

“It is time to unleash the potential of our country and forge a new Britain.”

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Earlier on Sunday, Chancellor Sajid Javid said the document would come with the “most transparent” explanation of how the policies would be paid for ever seen in “British electoral history”.

Among the spending pledges outlined in the manifesto were a “triple tax lock”, a promise to scrap hospital charges for millions and an extra £1 billion investment in childcare.

Other pledges in the Prime Minister’s vision for government include £6.3 billion for energy efficiency measures to reduce fuel poverty, £3 billion towards a national skills fund and £2 billion to fill in potholes.

Mr Javid said voters could be “absolutely certain” that the three biggest taxes – income tax, national insurance and VAT – would not rise over the course of the next parliament if the Tories secure a majority in the Commons.

The senior Cabinet minister said it would be explained in a “very detailed costings document”, published alongside the manifesto, how investment was to be paid for given that tax rises had been ruled out.