The Chancellor Philip Hammond has signalled that the Conservative Government will ease austerity, saying that ministers were not "deaf" to the outcome of the General Election.
Mr Hammond said that voters were "weary of the long slog" they have endured since the financial crash.
Theresa May's administration lost its Commons majority at the election and is currently scrambling to agree a deal with the DUP to prop it up in minority government.
During the election Jeremy Corbyn's Labour party pledged billions of pounds of extra public spending.
At the time senior Conservatives accused the party of believing in a magic "money tree".
But the Chancellor said that the Conservatives were listening to the message delivered at the ballot box.
Among the plans it will reconsider are cuts to the winter fuel allowances and plans to replace the triple lock on pensions with a less generous system.
But Mr Hammond left the door open to raising taxes as he said that borrowing more is "not the solution".
"I think people are weary of the long slog," he told BBC One's Andrew Marr Show.
Asked if he would go ahead with £3 billion of planned cuts to local government spending, he said: "We've set out a series of measures that are already legislated for. We have other proposals that we will now have to look at again in the light of the General Election result and in the new parliament.
"I will be delivering a budget in the autumn and you will find out then what we are proposing.
"There's not going to be a summer budget or anything like that."
Pressed on whether the government would have to change direction, particularly if it does a deal with the DUP which is opposed to cuts to the winter fuel allowance and the end of the triple lock on pensions, he replied: "We will look at all these things. Obviously we are not deaf. We heard a message last week in the General Election and we need to look at how we deal with the challenges we face in the economy.
"I understand that people are weary after years of hard work to rebuild the economy after the great crash of 2008-09, but we have to live within our means.
"More borrowing, which seems to be Jeremy Corbyn's answer, is not the solution.
"We have never said we won't raise some taxes. Overall, we are a government that believes in low taxes and we want to reduce the burden of taxes overall for working families."
He also said that the government would continue to "aspire" to cut net migration to less than 100,000 a year.
But, in a significant move, he said that ministers would not cut migration at the expense of the economy
The Treasury believes that slashing migration will harm the UK economy.
Mr Hammond also criticised his own party's election campaign.
He revealed his frustration that the Conservatives made a "mistake" by not focussing more on their economic record.
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