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Ed Balls will bid to boost Labour's economic credibility by vowing to spend any windfall from the sale of bank shares on paying off the national debt.
The shadow chancellor will also vow to bind Labour governments to strict spending rules, in a speech to the party's conference.
He will say the coalition is "choking off" economic recovery in Britain.
Tory Deputy Chairman Michael Fallon said Mr Balls had taken Labour "further away from economic credibility".
A Conservative spokesman added that Mr Balls' had "deliberately fiddled" fiscal rules in the past, and the public would not trust his announcement of new restrictions.
'No reversal promise'
Labour has made a commitment to halve the deficit in four years and admits it would have cut public spending if it had retained power.
But in a speech to Labour members on Monday, Mr Balls will say that rising unemployment and stalled economic growth prove that Labour was right to argue for slowing the pace of deficit reduction.
He will accuse Chancellor George Osborne and Prime Minister David Cameron of ignoring his warnings about increasing taxes too quickly and claim the coalition's economic strategy had gone "badly wrong".
"We said that going too far, too fast would choke off the recovery and put jobs at risk; we warned that cutting spending and raising taxes too fast would create a vicious circle here in Britain and make it harder to get the deficit down."
However, in an interview with the Independent ahead of his speech, Mr Balls said no-one in the shadow cabinet would make any promises at this stage to undo cuts made by the coalition government.
"No matter how much we dislike particular spending cuts or tax rises, we can't make promises now to reverse them," he said.
However, he told the newspaper the financial markets were "grown-up" and would not be unsettled by any change to the cuts strategy.
'Global growth crisis'
In his speech, Mr Balls will tell Labour delegates that Labour still had to work hard to establish a reputation for economic competence - like it did before Tony Blair came to power - to be in with a chance at the next election.
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“Start Quote
That will be Labour's choice - fiscal responsibility in the national interest”
Ed Balls
"It will not be enough to expose that David Cameron and George Osborne have got the economy badly wrong.
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