Chancellor Philip Hammond urges Tories to fight for capitalism and defend it against Jeremy Corbyn’s Socialist assault
Mr Hammond will hit back at Labour chief's attack on the free market
CHANCELLOR Philip Hammond will today tell Tories to not be afraid of defending capitalism against Jeremy Corbyn’s Socialist assault.
Mr Hammond will hit back at the Labour leader’s attack on the free market.
The hard-left Labour leader vowed to bring in “a new model of economic management" if he ousts Theresa May from No10, after claiming today’s is failing.
But addressing the Tories 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 healthy profit-making businesses, there would be no cash for schools, hospitals or OAPs.
He will say: “It's the profits from such businesses that underpin our savings and our pensions.
“And the wealth that a strong market economy creates which, in the end, pays for our public services.
His defence of centre-right economics will also be seen as retaliation to Mrs May.
She banned him from playing any role in the general election to take on Corbynomics – seen as one of her campaign’s biggest failings.
Mr Hammond will also issue a solemn pledge to angry young people that the Tories will deliver on the long standing inter-generational pact.
He will say: "We are the party of progress.
“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."
The Chancellor will also open up his cheque book to spend an extra £400million to boost the Northern Powerhouse’s transport links.
Three quarters of it will go on building connections between the High Speed 2 rail route and cities close to it.
And £100m will go on 33 major new road schemes - ten in the North East, 13 in the North West and ten in Yorkshire and Humber.
Scottish Tory chief Ruth Davidson insisted the party can burst the “Corbyn bubble”.
She said voters would soon tire of Mr Corbyn offering them “free unicorns” and “easy promises that don’t add up”.