The draft paper, by the Labour Growth Group and Good Growth Foundation, argues for a complete overhaul of Labour's economic strategy and messaging to prevent a far-right government.
Policy proposals are still being worked up, but include cutting income tax and abolishing national insurance. Options for how this could be funded include equalising capital gains tax with income tax in certain areas, reforming council tax or taxing landowners.
Sky News understands the report has been looked at by several cabinet ministers and potential leadership contenders.
Advisors to Health Secretary Wes Streeting, former deputy prime minister Angela Rayner and Greater Manchester Mayor Andy Burnham - all tipped as frontrunners to replace Sir Keir Starmer - are among those understood to have engaged with the work.
The report is expected to be published just after the May local elections - the crunch point at which the prime minister could face a leadership challenge if they go as badly as predicted.
Sir Keir has repeatedly insisted he will fight on, so anyone seeking to take him out would need the backing of 80 MPs.
There is a big question mark over who could get the numbers following the move to block Mr Burnham from standing in the Gorton and Denton by-election, which Labour lost.
However, the report being published at a vulnerable time piles fresh pressure on the prime minister, whose tanking poll ratings are often blamed on a failure to tackle the cost of living crisis and communicate who Labour is for.
This report will suggest policies to tackle the cost of living, as well as how Labour can sell them to the public.
It will say Labour needs to redesign the tax system to incentivise hard work, with greater incentives for entrepreneurs and small business owners.
And it will argue that voter anger is fuelled by the belief "doing the right thing" leaves them feeling shafted, and Labour must confront those who make money from taking advantage of people.
Mark McVitie, the Labour Growth Group's director, told Sky News: "Everyone in politics is correctly diagnosing the cost of living crisis. That's not enough. You go to the doctor because something's wrong, but you don't just want them to tell you you're ill and they care, you want them to find out why and fix it. That's what this project is aiming to do.
"Until we can do that and take on the vested interests profiting from the mess, we're just offering painkillers for a condition that keeps getting worse."
The Labour strategist said the party must be "laser focused on rewarding work and taking initiative".
He added: "When someone working 60 hour weeks as a nurse or running a small business is paying a higher marginal tax rate than an institutional landlord, that's not happening.
Read More:
Labour's left unite behind 'major reset' call in fresh challenge to Starmer
Angela Rayner slammed over 'negative intervention' about Labour government
"As a party we need to be squarely on the side of those putting in the work, taking risks and doing the right thing, and not afraid to confront the vested interests who will resist that change."
The paper has the draft title of Beveridge Report, named after a famous report by Sir William Beveridge, a key figure in designing Britain's welfare state.
Another focus will be on devolution, with the paper saying it should be vastly expanded so regional mayors have greater fiscal powers.
šListen to Politics at Sam and Anne's on your podcast appš
More than 100 Labour MPs work with the Growth Group, whose parliamentary chair is former YouGov pollster Chris Curtis.
The group looks at ways to tear down barriers to economic growth, which the government says is one of its central missions.
The UK's economic forecaster the OBR has predicted GDP to grow by an average 1.5% a year from 2027 to 2030.
However many MPs fear voters will not feel any tangible benefit unless more is done to tackle the everyday cost of living.
Sir Keir began the year with a pledge to be "laser focused" on the cost of living, but the reset has been overshadowed by the Peter Mandelson scandal, while the war in Iran has threatened to push prices up further.
The Hollywood actor was remembered by US President Donald Trump, as well as a host of celebrities and his own family, who called him a "warrior" with a heart "full of love".
Norris saw a resurgence in popularity after an early internet meme - consisting of jokes presented as "facts" exaggerating his strength and abilities - propelled him to online fame in the mid-2000s.
Born in Oklahoma in 1940, Norris joined the US Air Force in his late teens and began training in martial arts while stationed in South Korea, eventually earning a black belt and becoming a six-time undefeated World Professional Middleweight Karate champion.
After transitioning into acting, Norris landed his breakthrough role in The Way of the Dragon in 1972 opposite Bruce Lee, before going on to star in more than 20 movies, including Missing in Action and The Delta Force.
His role in long-running TV series Walker, Texas Ranger cemented his fame.
Norris's family shared the news of the actor's "sudden passing" just days after his 86th birthday on Friday, describing him as "the heart of our family" who lived with "faith, purpose and an unwavering commitment to the people he loved".
"While we would like to keep the circumstances private, please know that he was surrounded by his family and was at peace," his family said.
The US president joined in the tributes to the movie star, telling reporters outside the White House that Norris was a "great guy" and "tough cookie".
"You didn't want to fight him, I'll tell you," Trump said.
Norris's daughter, Danielle, said: "He may have a warrior exterior, but his heart was so full of love and I'm so grateful that is something he and my mom passed down to me."
One of his grandchildren, Greta, paid a tribute to the actor in a post on Instagram that referenced the "Chuck Norris facts" genre of internet joke that played on Norris's persona as a tough guy and invincible fighter.
"You all knew Chuck Norris as the man that counted to infinity twice, the man who got bit by a cobra and the cobra died," she said.
"He was the man that would not do a push-up but would push the earth down.
"Chuck Norris was known for many amazing things, but what I am most proud of is I got to know him as my Papa."
Read more from Sky News:
Kevin Spacey settles London sexual assault cases
AI-generated Val Kilmer to star in movie after actor's death
Action stars Sylvester Stallone, Jean-Claude Van Damme and Dolph Lundgren paid tribute to Norris, who they all starred alongside in The Expendables 2 in 2012.
In his final Facebook post shared on 10 March to mark his birthday, Norris said: "I don't age. I level up."
"I'm grateful for another year, good health and the chance to keep doing what I love," he added.
Political conservative and meme legend
Shortly after an appearance in the 2004 film Dodgeball, Norris became the focus of an early viral internet meme that would propel him to a new level of fame.
The format of the joke presented wildly hyperbolic statements about his strength and prowess as facts, such as "Chuck Norris had a staring contest with the sun - and won".
Another one reads: "The flu gets a Chuck Norris shot every year".
Norris has also been outspoken about his conservative views, including support for gun rights.
He endorsed Donald Trump for his first presidential run in 2016.
Norris is survived by his wife Gena O'Kelley, five children and 13 grandchildren.
Dame Jenni hosted the BBC's Woman's Hour for more than 30 years, stepping down in 2020.
She received her damehood in recognition of her contribution to broadcasting in 2011, having been awarded an OBE in 1999.
Dame Jenni announced that she had been diagnosed with breast cancer in 2006.
A statement from the family to the Daily Mail said Dame Jenni died on March 12.
'We all owe her'
Former Labour Party deputy leader Baroness Harriet Harman hailed Dame Jenni's importance "to the movement of women that changed our politics, economy and our society; that changed our lives".
In a post on X, the peer wrote: "She was the broadcasting wing of the women's movement. We all owe her. RIP."
She was a "true professional and a pioneer", talent management firm Knight Ayton said.
In a statement, a spokeswoman for the firm said: "We are very sad to learn of the death of Dame Jenni Murray.
"We started representing Jenni in 2020 as she was leaving Woman's Hour after a long career at Radio 4.
"True to her spirit of fun, she surprised many by taking part in ITV's The Real Full Monty to great acclaim the same year. The announcement of her participation made front page news. Her reason for taking part was simple. To encourage more women to check for breast cancer.
"Last year she returned to the BBC to present a series for Radio 3, Jenni Murray's Women Composers. We loved working with Jenni, a true professional and pioneer.
"She interviewed every prime minister of the last 30 years, she was as comfortable with high-powered politicians as with the grieving parents of Madeleine McCann, and the first Hollywood star she encountered was Bette Davis.
"The late foreign correspondent Charles Wheeler described Jenni as having 'the most beautiful voice on the radio - ever'."
Read more from Sky News:
Energy bills to rise by hundreds of pounds to three-year high
US suffers hottest March day ever recorded
Some of her interviewees on Woman's Hour included Margaret Thatcher, author Margaret Atwood and former secretary of state Hillary Clinton, as well as Barbara Castle,ā Shirley Williams, Gloria Steinem, Bette Davis and Monica Lewinsky.
She also interviewed Anna Politkovskaya, Kate McCann, Toni Morrison, Wangari Maathai, Benazir Bhutto, Dame Judi Dench, Saoirse Ronan and Joan Baez, who sang Diamonds And Rust in the studio especially for the host.
Tributes poured in for Dame Jenni, with outgoing BBC director-general Tim Davie saying: "This is incredibly sad news and our thoughts are with all of Dame Jenni's family and friends.
"Dame Jenni was, simply put, a broadcasting icon. Throughout her three groundbreaking decades on Woman's Hour, Jenni created a safe space for her audience thanks to her warmth, intelligence and courage.
"We shall all miss her terribly. Her legacy endures in the countless conversations she started, the many issues she championed and the lives she touched."
Mohit Bakaya, controller at BBC Radio 4 and director of BBC Speech Audio, said: "Jenni Murray was a formidable voice in British broadcasting who was warm, fearless and beloved by listeners.
"During her decades at Woman's Hour, she helped shape the national conversation with intelligence, rigour and a remarkable ability to connect with audiences.
"Jenni leaves an indelible legacy on generations of listeners. We are profoundly grateful for her outstanding contribution to Radio 4, and she will be deeply missed."
Dame Jenni, who was originally from Barnsley, South Yorkshire, leaves behind her husband, David Forgham, and two sons.
Author Liz Fraser also paid tribute on social media, recalling the broadcaster's "deep, no bullshit, authoritative but somehow equally soothing, reassuring and often slightly cheeky voice" during her tenure on Woman's Hour.
Fraser wrote about her time appearing on Woman's Hour: "Jenni was absolutely lovely to (my daughter), and to me, and we juggled motherhood and work as women doā¦ and can do thanks to the work of many of the guests she championed and supported over her career.
"Thank you for the countless hours of education and entertainment about the lives of women that influenced so many of us."
The number of cases in the county's outbreak rose on Friday from 27 to 29, with 18 defined as confirmed and another 11 probable, according to the UK Health Security Agency (UKHSA). The cases include two students who have died.
Meningitis outbreak latest: Health officials reveal 'worst case scenario'
So far, all the meningitis cases have links to Kent after a so-called "superspreading event" at the Club Chemistry nightclub in Canterbury.
As health chiefs battle to contain the bacterial outbreak, Kent County Council's director of public health Dr Anjan Ghosh has speculated on three "rough" scenarios over the next four weeks.
At a briefing on Friday, he said one theory is that cases remain contained in Kent.
A second scenario, which he described as the "most likely", would involve people travelling off campus outside Kent and then spreading the bacteria to others within a household.
"They were incubating when they left, and then they become cases, and there are small household, sporadic clusters outside of Kent," said Dr Ghosh.
He stressed these cases would be "containable" and the risk of infection is low.
But a "worst-case scenario", which he said was "highly unlikely", could result in another cluster outside the county.
Ed Waller, deputy chief executive of NHS Kent and Medway, also said a request has been made for a further 5,000 doses of vaccine as part of a local programme to protect those most at risk.
Among the 18 confirmed cases, 13 have been identified by UKHSA as meningococcal group B. All cases have required hospital admission.
A 21-year-old student at the University of Kent and a sixth form pupil at Queen Elizabeth's Grammar School in Faversham have died in the current outbreak.
The UKHSA said four schools in Kent have confirmed cases of meningitis, while the London animation and games school Escape Studios said one of its students with links to the county had contracted meningitis.
Over 2,500 people have now been successfully vaccinated, and 9,840 doses of antibiotics have been administered at several sites in the county.
Large queues have formed at the sites, including at the University of Kent, although some were turned away on Friday. The same issue occurred on Thursday, which was explained as a staffing problem.
More meningitis vaccination centres are due to open across Kent to help meet demand.
Read more from Sky News:
Explainer: Meningitis symptoms
Meningitis outbreak is baffling
Analysis: Young people most at risk
The UKHSA has now completed a genetic analysis of the meningitis bacteria.
Brendan Wren, professor of Microbial Pathogenesis at the London School of Hygiene and Tropical Medicine (LSHTM), said the strain circulating in Kent "appears to be a new subvariant" of a type of group B meningococci bacteria which "has been previously identified in the UK".
"The current Bexsero MenB vaccine is based on the cell surface antigens of MenB strains and should provide protection against the MenB ST-41/44 variant," he added.
Meanwhile, Paul Hunter, professor in medicine at the University of East Anglia, speculated that cases may have peaked.
"The incubation period, though a little uncertain, ranges from two to 10 days, so I think we can be fairly certain that the peak from the initial superspreading event will have already passed," he said.
British patrol boat HMS Cutlass monitored the Deyna, a Mozambique-flagged vessel, and supported the French operation on Friday by providing tracking information and imagery near the Strait of Gibraltar.
Defence Secretary John Healey said: "Disrupting, deterring and degrading Russia's shadow fleet - and starving Putin's war machine of funds - is a priority for this government."
Russia's so-called shadow fleet of vessels is used to carry oil and goods around the world to avoid sanctions on Moscow following its full-scale invasion of Ukraine.
The Deyna is sanctioned by the UK and the European Union for its role in shipping Russian oil.
French President Emmanuel Macron said in a post on X: "These vessels, which evade international sanctions and violate the law of the sea, are profiteers of war.
"They line their pockets while helping finance Russia's war effort. We will not allow it."
A Western military source told Reuters that the tanker was carrying Russian crude oil, while the news agency also quoted local officials who said it was suspected of flying a false flag.
The vessel, which had sailed from the Russian āport of Murmansk, was escorted to an anchorage point āfor further inspection, the French military said.
The maritime tracking website, vesselfinder.com, said it was heading towards Port Said, Egypt, and was intercepted off the coast of Algeria.
The shipping industry has accused shadow fleet vessels of being poorly maintained, ageing tankers with dubious insurance or safety certification cover.
Read more from Sky News:
Gas tanker adrift in Med poses threat
Analysis: Dark ships and shadow fleets
'Russian shadow fleet' tanker seized
Friday's military operation is the latest sign of the UK's co-operation with allies.
In January, British forces helped the US seize the oil tanker Marinera in the Atlantic, and France intercept another sanctioned ship, the Grinch, in the western Mediterranean.
While European sanctions remain in place, the US has temporarily eased sanctions on ā the sale of Russian oil as the Middle East war ā disrupts oil supplies and boosts prices.
Moscow has previously called the seizure of its tankers, or āvessels carrying its cargoes, an act of piracy.