By Alistair Smout, Andrew MacAskill and Elizabeth Piper LIVERPOOL, England (Reuters) -British finance minister Rachel Reeves ruled out a "return to austerity" on Monday, trying to brighten the gloomy tone her party has adopted since its landslide election victory in July.

British Treasury chief Rachel Reeves pledged on Monday not to return to an era of public spending cuts despite the dire state of the U.K.'s

In her first major speech since becoming the UK’s first female finance minister, Rachel Reeves has made it clear that Britain will not return to an era of austerity, despite the growing concerns over the state of the country’s finances.