He will promise to turn around an economy that has become “hostile to enterprise”, with business investment growing at just a quarter of the pace of the 1990s.
He will say: “Our economy has become more and more unbalanced, with our fortunes hitched to a few industries in one corner of the country, while we let other sectors like manufacturing slide.
“As a country we have become indebted on an unprecedented scale.
“Our huge public debt is the clearest manifestation of our economic mistakes – the glaring warning sign overhead telling us we have taken the wrong route.
“We have been sleepwalking our way to an economy that is unsustainable, unstable, unfair and uninspiring. We have always been ambitious for the future of our economy.
“We have set out a series of clear, transparent benchmarks for our economy, from ensuring macroeconomic stability to creating more balanced growth.”
He will also stress the need to “end the inevitability” of long-term unemployment.