Published: Wed, October 04, 2017
Worldwide | By Sean Reid

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

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

Chancellor Philip Hammond will defend the Conservative Party's economic record, promising to ensure young people are better off than their parents and promising the next generation: "We will not let you down".

Despite heavily criticising Labour, Mr Hammond accepted the Government needed to tackle the problem of low pay and listen to the concerns of young voters, many who are acknowledged to have turned to Mr Corbyn's party.

"Elsewhere in the article, Healey says the additional controls - which at this stage would appear to be proposed just for cities rather than the whole country - would be allowing "increases in rents to be moderated" in urban areas" where housing cost pressures are most acute".

The Prime Minister has performed a huge U-turn on university tuition fees in an attempt to woo back voters after they deserted the Tories and flocked to Jeremy Corbyn.

"It's the profits from such businesses that underpin our savings and our pensions".

Mr Hammond acknowledged that the process of negotiating Brexit had created "uncertainty" and slowed business investment and economic growth.

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"Our economy is not broken: It is fundamentally strong", Hammond said, while also accepting that a lack of progress in talks on Britain's divorce settlement with the European Union and uncertainty over future ties were weighing on businesses.

"The speech shows a government strong on diagnosis, but weak on action". Our members, thousands of small businesses across the UK, are united in wanting to see many more young people being trained to higher skill levels.

The British Chambers of Commerce has warned that public rifts within the cabinet are undermining business confidence.

Stephen Martin, director general of the Institute of Directors, said: "The chancellor was right to praise the virtues of our market-based economy and emphasise the strengths of the UK's many innovative and entrepreneurial business".

Last month rating agency Moody's downgraded Britain's credit rating, saying government plans to reduce its debt load had been knocked off course and that Brexit would harm the economy. 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.

Meanwhile, Labor's shadow chancellor John McDonnell, who was fiercely attacked in Hammond's speech, was equally scathing about his opposite number.

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