In his inaugural address as Chancellor to the Labour Party conference on Monday, John Healey is set to promise a "new age of industrialisation" for Great Britain.
The former defence secretary will set out an economic strategy centred on modern manufacturing, arguing that the nation cannot simply look back to the coal mines of its past.
Emphasising that his own political perspectives were "shaped by the industrial heartlands of South Yorkshire", he will point towards the transformation of the former Orgreave colliery, which now serves as the site for Rotherham’s Advanced Manufacturing Park.
He will tell delegates: "Our coal mines are not coming back.
"But this is how Britain’s industrial past is being remade now for the modern world.
"This is the new age of industrialisation. A new confidence in Britain."
Having previously stepped down as Sir Keir Starmer’s defence secretary amid a disagreement over military expenditure, Mr Healey is also slated to confirm expanded support for the domestic shipbuilding sector, with major investments targeted at the Royal Navy’s Scottish submarine facility.
He will announce that a UK-only competitive tender process will be launched to acquire three new floating docks located at HM Naval Base Clyde, Faslane.
The procurement project, designated Programme Euston, was initially outlined in 2023 and aims to modernise facilities at Faslane to support the next generation of British submarines.
Ministry of Defence officials previously indicated that the facilities are projected to become operational during the early 2030s, forming a key component of a larger £15 billion modernization strategy for naval yards across the country.
This development follows commitments made by First Secretary of State Louise Haigh, who announced on Sunday that the Government intends to order a new marine research vessel as part of wider plans aiming for a "new era of reindustrialisation".
In his speech, Mr Healey will unveil £115 million in financial backing for the research vessel, which is also expected to enter service in the early 2030s.
Ahead of delivering his speech, he stated: "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."
The proposed push towards renewed industrial strength aligns closely with Prime Minister Andy Burnham’s pledge to prioritize "reindustrialisation" as a mechanism to revitalize sluggish national growth.
However, the Chancellor’s conference address arrives alongside a grim economic picture presented by the Confederation of British Industry (CBI).
In a survey released on Monday, the business body reported that private sector firms recorded declining activity over the three months leading up to September, with expectations of continued contraction through the rest of the year.
The decline was largely driven by downturns within retail and services, whereas manufacturing experienced a comparatively milder contraction.
Alpesh Paleja, CBI deputy chief economist, highlighted that mounting energy expenses and rising staff costs, coupled with muted demand, are continuing to constrain company profit margins.
He stated: "Uncertainty ahead of next month’s Budget is also holding back activity in some sectors.
"Against the backdrop of renewed fiscal pressures, the Budget must draw a clear red line under any more rises in the cost of hiring, investing and doing business."
Offering a harsh critique, Shadow chancellor Andrew Griffith said: "These are more reheated announcements without clarity on where the money is coming from. Additional docks were announced months ago in the defence investment plan, which still has a £4.7 billion black hole.
"John Healey resigned warning that Labour’s failure to fund defence was making Britain unsafe. Now that he is Chancellor, he still won’t fund the 3% target he walked out over.
"Labour are running scared of making the tough choices needed to pay for Britain’s defence. All they can offer is reannounced docks and more hot air from Healey. Only the Conservatives will cut the welfare bill to fund defence."
The GMB, one of the primary trade unions representing the shipbuilding workforce, previously lobbied for Programme Euston contracts to be directed to Navantia yards in Methil and Belfast, and welcomed the decision to hold a UK-only competition.
Robert Deavy, GMB Scotland senior organiser in engineering, argued that defence spending should actively foster and safeguard skilled employment and apprenticeships across the UK while boosting regional economies.
He stated: "For far too long, huge UK contracts have been sent around the world to fund good jobs everywhere but here.
"The world has changed though and it is good to see a UK Government ready to invest in our sovereign industrial capability. It is beyond time.
"Programme Euston is a potentially transformative contract and promising it will remain in the UK will create optimism not only in Methil but in yards around the country.
"We urge the Scottish Government to work with UK ministers to deliver the investment needed to support the necessary apprenticeships and training to secure this contract."
