Investment decisions would take into account improving people's wellbeing or narrowing the productivity gap with the South and focus less on overall national economic growth under plans reported by The Times.
The proposals being considered ahead of the spring Budget would affect how officials work out the value for money of investments in transport, business development and other initiatives.
Prime Minister Boris Johnson has stressed that the Conservatives must work hard to maintain the voters who may have "lent" their backing in order to implement Brexit.
The Tories' secured support in Labour's former heartlands in the North and the Midlands and the Prime Minister will be working to maintain the newfound voters.
A Treasury spokesperson said: "We work across Government to ensure investment is focused on where it is needed across the UK and delivers value for money for the taxpayer."