Labour will abolish winter fuel allowance for wealthy pensioners, scrap the shares-for-rights scheme and reverse tax cuts for hedge funds, the shadow chancellor is expected to announce later today.
In his party conference speech, Ed Balls will also insist any proceeds from the sale of nationalised banks Lloyds and Royal Bank of Scotland are pumped into paying off the national debt.
The Chancellor has said that Winter Fuel Payment will be dependent on a "temperature test".
Government expenditure directed at pensioners has 'soared by 60%' meaning the average pensioner is now 'richer than 40%' of the population', according to figures cited by the Institute of Directors.
The claims came in response to shadow chancellor's proposal to reduce winter fuel allowance for wealthy pensioners.
Mr Walker said that if Labour is serious about achieving 'iron discipline’ over the public finances, it cannot limit itself to a 'token tweak' to the winter fuel allowance, which represents a 'drop in the entitlement ocean'.
Joan Bakewell, the last Labour government's spokesperson for the elderly told ITV News, "I think it's very important to start debate on this."
"However, Paul Burstow has set the bar very low, and I think to suggest that everybody except those who are on pension credits is spreading the net far too wide. A lot of older people need that money."
The Universities Minister David Willetts has said in response to a call for winter fuel benefit to be means-tested:
"David Cameron and the Conservative Party made it very clear promise during the election campaign that we were not going to means-test the winter fuel payment and David Cameron stands by his pledges".
In response to former care services minister Paul Burstow's call for winter fuel payments for pensioners to be means-tested to help increase the elderly care pot, the Alzheimer's Society has said:
In response to calls for winter fuel benefit to be means-tested, Ros Altmann, the Director-General of the Saga Group who formerly advised the Government on pensions, has tweeted:
In response to Liberal Democrat MP Paul Burstow's call for winter fuel payment curbs to help fund elderly care costs, Labour MP Paul Flynn tweeted: