Philip Hammond: Shake up capitalism to stop young people backing Jeremy Corbyn
3 min read
The Conservatives should push for an overhaul of free-market capitalism to win over young voters who are "natural members" of the Tory tribe, Philip Hammond is set to say.
The 2017 election saw the Conservatives shed support among young people, with around 60% of those aged 18-24 backing Jeremy Corbyn's Labour. More than half of all voters aged 25-34 also plumped for the opposition.
But the Chancellor reportedly believes that young people are "natural members of our tribe" who believe in the free market, and is said to be concerned that the Conservatives have failed to make inroads with people who are instinctively pro-competition and innovation.
The Telegraph reports that he will use a major speech to urge the party to embrace a new type of capitalism which does more to support successful businesses and challenge monopolistic behaviour.
A source close to Mr Hammond told the paper: "Philip believes it is up to the Conservative Party to be able to articulate a market economy model that we are proud to defend because we know it is working in the best way for the most people.
"This is about the future of Conservatism and the nature of our economy in the digital age."
The heavyweight intervention from the Chancellor will reportedly come before the Conservative Party's October conference, with the arguments fleshed out in the autumn Budget.
Among the ideas said to be under consideration are a shake-up of the tax system to better respond to the rise of online giants like Amazon and Google and fresh measures to help workers to boost their skills.
A Whitehall source told The Telegraph: "Labour is proposing something that would be a disaster for our country, but we are allowing people to wander into Labour’s tent nonetheless.
"The onus is on us to make sure we are offering people a modern economic model that is right for our country."
The call by Mr Hammond comes as a string of influential Conservatives set out competing visions for the future of the party.
Ruth Davidson, seen by many as a future Tory leadership contender, last night urged the party to ditch its traditional focus on tax breaks in exchange for a boost to spending on the National Health Service.
She said: "My view is this: the UK Government has acted to reduce the tax burden on working families. It has honoured its promise to do so. Raising the income tax threshold has reduced taxes for millions of UK workers and has taken thousands out of taxation altogether.
“But the UK government has a choice to make. And, if that choice is between extra spending on the NHS or introducing further tax breaks beyond those already promised, I choose the NHS.”
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