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.

Finance minister Rachel Reeves will promise Britain on Monday there will be no return to "austerity" or widespread spending cuts despite previous warnings of a tough budget aimed at fixing the foundations of the economy.

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