Ed Miliband in Wolverhampton to launch Labour's economic plan

The leader of the opposition and shadow chancellor are unveiling their policies at the Jaguar Land Rover engine plant at the business park.

They will be joined by shadow business secretary Chuka Umunna and shadow energy secretary Caroline Flint.

Mr Miliband is expected to say paying the living wage and banning zero-hours contracts will raise productivity. The Labour leader will also repeat a pledge to raise the minimum wage to £8 an hour by 2020.

The event is an opportunity for Labour to attempt to appeal to businesses following a series of high profile criticisms from the likes of Boots boss Stefano Pessina.

David Cameron has also sought to undermine Labour's business credentials, having warned a meeting of the British Chambers of Commerce last week: "I warn you not to grow your business, because they'll come after you. I warn you not to take people on, because they'll slap taxes on you. I warn you not to create wealth, because they'll demonise you."

Mr Miliband was criticised for having missed his own opportunity to address the Chambers, sending Mr Balls in his place.

Mr Balls has called for an 'open and competitive tax system that rewards work and supports entrepreneurs and long-term investment and wealth creation'.

He is also trying to woo businesses by stressing that Labour is opposed to a referendum on the European Union, warning the debate is leading to uncertainty over Britain's future and that an EU exit would put jobs, trade and investment at risk.

The launch comes after a week of intense scrapping with the Tories over 'dodgy donors' and the handling of revelations about abuses at HSBC's Swiss arm.

Mr Miliband will argue there is a choice between 'two plans at this election', saying: "A failing plan under which we would carry on as we are with a government claiming the economy is a success when it only works for a handful of people at the top. Or a new plan, a better plan, that says this economy must succeed for working families if Britain as a whole is going to succeed.

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"Nothing more symbolises their failing plan than seeing the tax gap - between what should be paid and the revenue received - widening while the number of apprenticeships available for young people is falling.

"We need a better plan to replace an economy where tens of billions are lost in tax avoidance with an economy where tens of thousands more of our young people are doing apprenticeships and we help more businesses grow, succeed and create wealth."

Speaking alongside shadow chancellor Ed Balls and other key frontbenchers, Mr Miliband will criticise the Tories for believing it is "only from the top down that wealth flows".

"Here is our better plan: a modern industrial strategy for Britain's businesses and Britain's working families to succeed together; a plan for every sector, every firm, everybody to raise productivity, make bigger profits and create the inclusive prosperity for a new era; a route-map for turning the fortunes of working people and of our country around," he will add.

Unveiling a 79-page document, Mr Miliband will outline proposals to generate investment and cut taxes for small business and entrepreneurs. The plan includes boosting training and apprenticeships, promoting competition in energy and banking to lower bills, and devolving power to regions.

Corporation tax would be guaranteed to be the "most competitive in the G7", and workers would be protected with a ban on "exploitative" zero-hours contracts and moves to prevent firms using migrant labour to undercut wages. In a bid to woo back business figures after recent tensions, the Labour leader will also stress the party's commitment to staying in a reformed EU and "not taking risks with our membership".

The plan has been endorsed by Labour's former business secretary Lord Mandelson, who remains a key figure for Blairites and popular with industry.