Hammond throws down gauntlet to Corbyn and says 'bring it on'

  • Hammond throws down gauntlet to Corbyn and says 'bring it on'

Hammond throws down gauntlet to Corbyn and says 'bring it on'

And the wealth that a strong market economy creates which, in the end, pays for our public services.

Hammond called on companies in the U.K.to list the investments and improvements that had been deferred because of Brexit and that they're prepared to make once a deal is reached.

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.

His words echo those of May, who last week issued her own defence of capitalism - a sign of growing concern about the threat Labour poses to the pro-business orthodoxy that has underpinned British economic policy since Margaret Thatcher's reforms in the 1980s.

"Removing this uncertainty is the single immediate stimulus we can give to this economy", Hammond said, speaking more openly than he had during his flagship speech earlier in the day.

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

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.

"The UK is facing a generation-defining challenge".

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

Hammond pledged 400 million pounds ($535 million) of additional road and rail spending and 10 billion pounds of funding to help young Britons get on the property ladder.

"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".

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

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.

Labour's recent conference in Brighton had shown a "resolutely negative agenda of failed ideas dredged up from a bygone era, threatening not only our economic progress but our freedom as well", the Chancellor claimed.

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