Philip Hammond to defend capitalism as ‘best system yet’
2 min read
Philip Hammond will today tell Conservative members they “must not be afraid” to defend market economics in the face of renewed support for Labour.
The Chancellor will say while “no one suggests a market economy is perfect”, it is the “best system yet”.
And in a clear swipe at Jeremy Corbyn’s left-wing agenda, he will add that Tories must be willing to defend it under “renewed assault”.
Addressing the party’s annual conference in Manchester, Mr Hammond will insist: “Our economy is not broken: it is fundamentally strong.
“And while no one suggests a market economy is perfect, it is the best system yet designed for making people steadily better off over time and underpinning strong and sustainable public services for everyone.
"As this model comes under renewed assault, we must not be afraid to defend it.”
Mr Hammond will also argue that if it wasn’t for profit-making businesses, there would be no cash for schools, hospitals or pensioners.
He will also highlight the role played by the market in boosting resources for Britain’s public services.
“It's the profits from such businesses that underpin our savings and our pensions,” he will add.
“And the wealth that a strong market economy creates which, in the end, pays for our public services."
The Chancellor will also continue the theme of attempting to win back younger voters – insisting that the Tories will deliver on the so-called “inter-generational pact”.
"We are the party of progress,” he will add.
“The party that makes a clear commitment to the next generation - that they will be better off than us; and that their children will be better off again than them.
“This is the Conservative definition of progress and I pledge to the next generation: we will not let you down."
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