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News Worms


Hammond: Brexit transition period could be longer than two years

Hammond: Brexit transition period could be longer than two years

Leaders of Britain's main business organizations gave a cautious welcome on Monday to Chancellor of the Exchequer Philip Hammond's keynote speech at the Conservative Party conference in Manchester.

Labour's leaders, he said, "openly proclaim their ambition to demolish our successful modern market economy and replace it with a back-to-the-future socialist fantasy with hundreds of billions of extra debt for the next generation to pay".

Labour will need to work with businesses large and small to deliver its vision of a strong economy, the Federation of Master Builders (FMB) has said in response to Jeremy Corbyn's speech at the Labour Party Conference today.

"And while no-one suggests a market economy is flawless, it is the best system yet designed for making people steadily better off over time and underpinning strong and sustainable public services for everyone".

It came after the Prime Minister announced that, among a number of new measures aimed at winning over young voters, tuition fees would be capped at £9,250 for those stating university 2018-19, and that the repayment threshold would be raised to salaries of £25,000 and over.

"It's an argument between nostalgic idealism on Corbyn's part and pragmatism on our part", Hammond told ITV's "Good Morning Britain" program.

On Thursday, Prime Minister Theresa May defended free markets as the greatest "agent of progress".

Several groups, including the Confederation of British Industry (CBI), Institute of Directors (IoD) and the BRC criticised the speech for lacking substance. He reiterated a pledge to nationalize railways and utility companies, and talked openly about preparing for a run on the pound when Labour comes to power.

The Conservatives must take on and defeat Labour "dinosaurs" in a great "clash of ideas" over the future of capitalism, Philip Hammond has said, adding that activists must expose Jeremy Corbyn's "back to the future socialist fantasy" which was leading people "down a unsafe path".

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

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