The Tories are to propose an independent audit of the nation’s debt at this week’s party conference as part of an action plan for economic recovery.

The audit aims to uncover all hidden liabilities, with a panel of independent experts holding the chancellor to account on pledges to bring the UK out of debt.

It is one of a string of fiscal plans that shadow chancellor George Osborne is putting forward at conference which also includes the formation of an Office for Budget Responsibility, a new fiscal framework on how the government raises and spends money, and new powers for the Bank of England on debt in the banking system, reports the Telegraph.