Hammond Asks Businesses to Help Prove Need for Brexit Transition

Aaron Brown
October 4, 2017

The Conservatives must take on and defeat Labour "dinosaurs" in a great "clash of ideas" over the future of capitalism, Philip Hammond has said, adding that activists must expose Jeremy Corbyn's "back to the future socialist fantasy" which was leading people "down a unsafe path".

The whole concept of capitalism has come under scrutiny in the United Kingdom, with support rising for the opposition Labour Party's more left-wing views.

Hammond drew a clear distinction between Britain's economy, which he said would "remain closely linked with the European Union for many good reasons", and its politics, saying the UK's "political future will be our own".

With most polls putting the Tories and Labour neck and neck, Mrs May said a vote for Jeremy Corbyn as prime minister was too risky. And the wealth that a strong market economy creates which, in the end, pays for our public services.

Hammond made a similar argument that the prime minister made in her speech to the Bank of England last week, that the Conservatives needed to restore people's faith in capitalism.

"It's the profits from such businesses that underpin our savings and our pensions".

IoD director general Stephen Martin said the chancellor was right to defend the free market, but wanted him to back up his support of businesses in the upcoming Budget.

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She added: 'I think we need to be able to tell young people that the future is theirs for the shaping and that governments are only facilitators of what they do.

"The speech shows a government strong on diagnosis, but weak on action". As a candidate myself in Brent North, I had met hundreds of young people along the way who anxious about how life would be harder for them, than it was for their parents' generation.

Hammond pledged 400 million pounds ($535 million) of additional road and rail spending and 10 billion pounds of funding to help young Britons get on the property ladder. The British Chambers of Commerce called for the chancellor to be "much, much bolder" in promoting the United Kingdom as a place to do business.

Last month rating agency Moody's downgraded Britain's credit rating, saying government plans to reduce its debt load had been knocked off course and that Brexit would harm the economy.

"But instead, after a year in the job, he is continuing down the path of his predecessor and clinging to an old economic model that fails the many".

"After 40 wasted minutes speaking and seven wasted years of Tory economic failure, the country expected to see the Chancellor change course", Labour's finance policy chief John McDonnell said.

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