Tuesday, 24 October, 2017

Theresa May is heading towards a soft Brexit supported by Philip Hammond

Hammond: Brexit transition period could be longer than two years Conservative party conference: Chancellor Philip Hammond says removing Brexit uncertainty is "biggest single
Sammy Stanley | 04 October, 2017, 00:20

Last week Labour leader Jeremy Corbyn set out plans for a much more active role for the state in the economy, including renationalisation of key infrastructure, higher government spending, and more taxation and control of the banking sector.

Ms Davidson told a Social Market Foundation fringe meeting at the Tory Party conference: 'What we have to be is we have to show them they have every opportunity and there's nothing going to stop them from doing that.

Labour's leaders, he said, "openly proclaim their ambition to demolish our successful modern market economy and replace it with a back-to-the-future socialist fantasy with hundreds of billions of extra debt for the next generation to pay".

UK Prime Minister Theresa May is also facing opposition from within her own party, with some political commentators saying that UK Foreign Secretary Boris Johnson, a Brexit hardliner, is close to mounting a leadership challenge.

Hammond insisted the British economy was "fundamentally strong", with employment at a record high and income inequality at its lowest level for decades. This is the Conservative definition of progress and I pledge to the next generation: "we will not let you down".

"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.

"This uncertainty, we believe, is depressing business investment", she added.

She said the government must show young people "that we're listening hard and we're a listening government".

Responding to the chancellor's comments, Carolyn Fairbairn, director general of the Confederation of British Industry, said the United Kingdom is facing a generation defining-challenge.

"If we go down the road of offering a money tree, turn on the taps, all-things-to-all-people Corbyn solutions, they'll vote for the real thing".

Young people are taking on a ugly amount of debt, and many don't even know what they are getting from it. 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.

For Labour, Shadow Chancellor John McDonnell said: "After seven wasted years of Tory economic failure. he is continuing down the path of his predecessor and clinging to an old economic model that fails the many".


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