Chancellor John Healey is expected to use his first Labour conference speech in Liverpool to reassure the party and financial markets amid concern about possible Budget tax rises and the state of the public finances. Inflation linked to tensions in the Middle East and weak growth are putting pressure on the Government’s fiscal headroom, while lower immigration forecasts could reduce expected tax revenues by as much as £7 billion.

Healey plans to promote a “new age of industrialisation”, with support for British shipbuilding among the measures highlighted. He is expected to confirm a UK-only competition for three floating docks at the Faslane submarine base, part of a wider £15 billion Royal Navy shipyard upgrade, and £115 million for a marine research vessel. The article also reports Andy Burnham’s proposed NHS-style social care service, estimated to cost £18 billion a year, and speculation that it could be partly funded by changing the state pension triple lock; capital gains tax is among the levies being discussed.