British finance minister Rachel Reeves said on Monday there would be no return to austerity or widespread cuts, promising long-term growth despite previous warnings of a tough budget to fix the foundations of the economy.

British finance minister Rachel Reeves today will vow to "rebuild Britain" after 14 years of Conservative leadership, warning of "difficult decisions" in a speech at the Labour Party conference.

The UK’s new Labour government won’t return to the austerity cuts of its Conservative predecessors, Chancellor of the Exchequer Rachel Reeves will promise on Monday, as she pivots toward a more positive narrative after weeks of warning about the dire state of the public finances.

But the chancellor's conference speech on Monday risks being overshadowed by the row over her decision to axe winter fuel payments.