Hammond’s plea for capitalism

PHILIP Hammond will declare today that the Tories ‘must not be afraid’ to defend capitalism in the face of a ‘renewed assault’ by Jeremy Corbyn and his hard-Left allies.

The Chancellor will denounce the Labour leader’s vow to impose ‘ 1st century socialism’ on Britain.

In a speech to the Tory conference in Manchester, Mr Hammond will insist the UK economy is ‘fundamentally strong’, and will argue that the market creates jobs and helps secure pensions.

Responding to Mr Corbyn’s speech last week, he will say: ‘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.’

He will also reaffirm the Government’s commitment to the Northern Powerhouse, announcing £400million of investment in transport across the North and Midlands, as well as £300million to link those areas to the HS rail route, plus £100million for road schemes to cut congestion in the North.