A Labor government would create a state-owned investment fund to support projects that could generate wealth for the nation.
Shadow Chancellor Rachel Reeves will use her speech at the party conference in Liverpool to set out the plan, which would start with an initial investment of £8.3billion to fund green industries.
Ms Reeves delivered the keynote address at Monday’s rally, but party leader Sir Keir Starmer will also appear at the conference alongside former England footballer Gary Neville.
Former Manchester United defender Neville has used a Daily Mirror interview to call the tax cuts announced by Chancellor Kwasi Kwarteng ‘immoral’ and ‘madness’.
The Sky Sports pundit said Liz Truss was ‘taking the absolute Mickey away from us’ by cutting taxes on the wealthy and said having the Labor leader as Prime Minister would be ‘a change that cannot come fast enough’.
Ms Reeves’ lunchtime keynote will be an opportunity for Labor to chart an alternative economic path after Mr Kwarteng’s mini-budget on Friday.
The creation of the national wealth fund could be modeled on similar institutions in countries like Norway and Singapore, and its aim is to create long-term wealth for Britain.
Ms Reeves is expected to say: ‘Here is the deal: the next Labor government will create a national wealth fund so that when we invest in new industries, in partnership with businesses, the British people will own a share of that wealth and the taxpayer will get a return on that investment.
Labor wants to target the money to industries where public investment could attract more private sector spending to deliver energy security and a carbon-free economy.
The projects include eight new battery plants, six clean steel mills, nine renewable energy-ready ports, the world’s largest hydrogen electrolyser plant, and net-zero industrial clusters in all regions of the country.
Ms Reeves will say the plan will result in ‘wealth in which the British people will have a stake’ and ‘wealth invested in the future of our country’.
The party would also establish an Industrial Strategy Council (ISC) to review progress in meeting policy commitments, in much the same way the Committee on Climate Change monitors governments’ actions to meet environmental targets.
It would review progress against four commitments: delivering clean energy by 2030, harnessing data for the public good, caring for the future, and building a resilient economy.
Shadow Business Secretary Jonathan Reynolds said: ‘While the Tories dust off the same tired old policies that got us into this mess, Labor is looking to the future.
“Businesses and workers want a partner in government who can offer certainty, bringing with it the confidence to invest in Britain.”
Other policy announcements include a commitment to clean up England’s rivers, with a legally binding target to end 90% of sewage discharges by 2030.