New Chancellor John Healey is set to pledge a "new age of industrialisation" for the UK in his Labour conference speech later today.
Healey will tell delegates that Labour will remake Britain's industrial past "for the modern age" by backing advanced manufacturing.
The BBC reports Healey will also announce plans to boost the shipbuilding industry and defence sector, with new orders for Royal Navy floating docks and a maritime research vessel.
With £115million in funding, the vessel is expected to come into service in the early 2030s.
Ahead of his speech, Healey said: "By backing British shipyards, we are not only boosting national security but also securing resilience in the industries that will drive growth today while building the capabilities the country needs for the future."
Healey is under pressure to cut spending or raise taxes to tackle the ballooning cost of government borrowing as anticipation grows for his first Budget in a month's time.
He is not expected to reveal any details about his Budget plans in his speech at Labour's annual conference in Liverpool.