CHANCELLOR Phillip Hammond will defend the Tories management of the economy today, in an attempt to take the shine out of Labour’s vision of a socialist utopia.
Mr Hammond is due to speak at the annual Conservative conference in Manchester later today, which is seen as a chance for Prime Minister Theresa May’s government to repair relations with the party’s grassroots after her FAILED election campaign in June.
The Conservative Party is divided over Brexit and is currently losing public support due to a resurgent far-left Labour Party led by the socialist Jeremy Corbyn.
Hammond, will defend Thatcherism and talk up the merits of a free-market economy.
“Our economy is not broken: it is fundamentally strong,” he will say according to advance extracts of his speech.
“The market economy frees people and businesses, encourages them to create, take risks, give ideas a go because they can see the results and benefit from their success.”
That view has been challenged by Labour, who last week at their own party conference fleshed out plans for all-out nationalisation, higher government spending, and a more hands-on approach to the banking sector.
Hammond’s words echo those of Mrs May, who last week issued her own defence of capitalism – a sign of growing concern about the threat Labour poses to the pro-business agenda which has underpinned British economic policy since Margaret Thatcher’s revolutionary reforms in the 1980s.
“As this model comes under renewed assault, we must not be afraid to defend it,” he will say.