Hammond Slams UK Labour's `Dangerous Ideology' on Economy

Conservatives 'need young voters on side', says RT Davies

Speaking at a fringe event during the Conservative party conference, Philip Hammond admitted uncertainty was the "key reason" for a reduction in business investment.

Prime Minister Theresa May is grappling with deep divisions within her party over how to handle the Brexit talks and serious doubts about her leadership after her botched bet on a June snap election lost the Conservatives their majority in parliament and boosted Labour's hopes of eventually regaining power.

Hammond is on one side of the cabinet split, wanting a "soft" Brexit, where the United Kingdom maintains close regulatory and trade ties for many years to come.

Hammond's speech marks the latest effort by the Conservative government -- much criticized past year for taking a swipe at global elites-to dominate the economic and business argument after Labour, led by Jeremy Corbyn, described itself as a "government in waiting" at its own party conference last week. And the wealth that a strong market economy creates which, in the end, pays for our public services.

"I forgot", Mr Hammond smirked as he joined Nick Ferrari from Manchester Central on Monday morning.

"The process of negotiating our exit from the European Union has created uncertainty so investment has slowed as businesses wait for clarity", Hammond said.




"The Chancellor has given a passionate defence of free markets and the importance of business and government working to tackle inequality".

"The speech shows a government strong on diagnosis, but weak on action".

"While we will dismiss Labour's solutions to them, we must never dismiss the underlying concerns that the election articulated".

Ms Davidson said that young people are being prevented from getting on to the property ladder because of spiraling prices. "We need to hear much more from Mr Corbyn and his team in the coming months and years as to how they plan to work with business large, and small, to make sure that we have the right skills, the right infrastructure and the right investment to deliver the vision of a post-Brexit British economy that they are describing".

But shadow chancellor John McDonnell hit back, saying his opposite number's speech was a waste of everyone's time because he is "clinging to an old economic model that fails the many". The speech contained no new announcements beyond that, but there were re-commitments to manifesto pledges including the national retraining scheme to help people whose jobs are threatened by technological change.

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