John Healey is expected to promise a “new age of industrialisation” at Labour’s conference, setting out support for British shipyards as part of an effort to rebuild industry and strengthen defence. He will cite a planned manufacturing park near Sheffield as evidence that industrial sites can be repurposed for modern production.

The shipbuilding measures include commissioning a marine research vessel and building floating docks at a submarine base on the Clyde. The pledge comes as financier Sir Peter Lampl says he has moved to the United States, citing London traffic and anti-car policies; hedge fund founder Chris Rokos is also preparing to move abroad. Healey has acknowledged concerns about wealthy taxpayers leaving and suggested capital gains tax could rise in next month’s Budget, while the Conservatives say the shipbuilding plans lack funding and do not meet Labour’s defence spending commitments.