Chancellor Rachel Reeves will promise to unleash the UK’s economic potential by reforming planning, changing business rates and tackling Brexit red tape as she commits to a new industrial strategy.

She will use her Labour Party conference speech to promise that “after years of instability and uncertainty, Britain is open for business”.

The Government will set out its initial plans for a new industrial strategy alongside the Budget on October 30.

The announcement comes ahead of the new Government’s first international investment summit on October 14, to be hosted in London with hundreds of business leaders from around the world.

Ms Reeves will tell Labour activists in Liverpool: “Before the election, I travelled all over Britain. From historic brands seizing the opportunities of the future. To innovative start-ups at the cutting edge. To high street businesses breathing life into their local communities.

“I am so optimistic about Britain’s potential.

“But for every success story, there is potential held back.

“Entrepreneurs struggling to access the finance they need to realise their ambitions.

“High street businesses punished by a system of business rates which tilts the scales in favour of online giants.

“Builders frustrated by a planning system which hands power to the blockers.

“Exporters and touring artists tied up in red tape by a failed Brexit deal.”

The Government’s industrial strategy will be published in Green Paper form at the time of the Budget, with the formal plan set to be launched in spring 2025 following a consultation with businesses and the trade unions.

Ms Reeves will stress Labour’s commitment to be “proudly pro-worker, and proudly pro-business”.

She will say: “I want small business owners to know that they can plan ahead, invest, expand, confident that they have a government that has their back and a tax system that will support not punish them.

“And I want investors to see Britain as a stable place to invest – and yes, to make a profit.

“Next month, this Government will be hosting a major international investment summit, bringing together hundreds of business leaders, to send a simple message: That after years of instability and uncertainty, Britain is open for business.

“And around the time of the Budget we will publish a Green Paper on a new industrial strategy focused on driving and shaping long-term growth so we can make every part of our country better off.

“A strategy that can help unlock investment, create jobs and deliver prosperity.

“A strategy that can make Britain the best place in the world to start and grow a business.”

Business Secretary Jonathan Reynolds said the industrial strategy will “ensure we win a greater share of investment in the UK of the industries that will contribute the most to our future growth”.

He added: “And that strategy will explicitly target sectors and areas of our country and be focused on growing our economy in a way that working people can see and feel.”