Labour wouldn't ban 'buy one get one free' deals on junk food if it gained power due the cost of living crisis.
Shadow Health Secretary Wes Streeting said it would be "tin eared" to axe cut-price deals on unhealthy snacks while Brits are struggling.
He called on food and drinks companies to make their products healthier now, saying: "Don't wait for me to come along with new regulation or new levies."
His comments represent rare common ground between Labour and Liz Truss's Government, which is poised to abandon Boris Johnson's planned crackdown on junk food deals and advertising.
But Mr Streeting said the levy on sugary drinks should remain in place, which the new PM could also scrap.
Mr Streeting told Labour conference fringe event: "The soft drinks industry levy has been an effective measure and is funding really effective initiatives.
"My message to the Government is - Having trashed pretty much the entire legacy of the last Labour Government, don't trash what little legacy you have left today.
"I think it would be a mistake to abandon the soft drinks industry levy."
But he argued it would "tin eared" to crack down on 'buy one get one free' deals while families are facing the squeeze.
Mr Streeting said: "What I've said is I just think it would be tin eared in the middle of the cost of living crisis for Labour to say we are going to clamp down on 'buy one get one free' deals.
"I don't want to make the price of people's shop more expensive and I'm up for giving the food and drink industry the opportunity to demonstrate they don't need regulation to do the right thing."
Addressing food and drinks firms, he said: "Don't wait for me to come along, or a future Government to come along, with new regulation or new levies.
"Do reformulation now, make your products healthier now."
He also expressed scepticism about the crackdown on junk food advertising, asking why politicians needed to force industry leaders to "show some social responsibility".
On the junk food ban, Mr Streeting said: "I don't think I'm saying not ever, I'm saying not now."
The Shadow Health Secretary is due to give a speech on the final day of Labour conference on Wednesday.
