Capitalism is the only way UK finance minister says in challenge to Labour
Hammond
MANCHESTER  England (Reuters) - British finance minister Philip Hammond defended capitalism as the only route to prosperity on Monday  in an attempt to counter the opposition Labour Partyâs increasingly popular vision for a more centrally-controlled economy.
In a speech to the ruling Conservative Party that contained only two new policy announcements   Hammond  also said that the governmentâs immediate task was to deal with the uncertainty for citizens and businesses resulting from Brexit.
 Hammond   who was sidelined by May during the election campaign  said last weekâs Labour Party conference showed it wanted to impose on Britain  the worldâs fifth largest economy  the âsocialist fantasyâ seen in Cuba  Venezuela or Zimbabwe.
âWe saw Labour in the raw  exposed for what it has sadly become: a party taken hostage by a clique of hard-left extremist infiltrators  people who despise Britainâs values and talk down our country â  Hammond  told Conservative Party activists.
Seeking to put the economy center-stage in the Conservativesâ pitch to voters   Hammond  said Britain could only hope to experience rising living standards âby harnessing the power of the market economyâ.
With opinion polls showing Labour gaining support   Hammond  aims to convince voters that Corbyn would make them poorer.
Labourâs leaders   he  said  âopenly 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.â
âOur economy is not broken: It is fundamentally strong â  Hammond  said  while also accepting that a lack of progress in talks on Britainâs divorce settlement with the European Union and uncertainty over future ties were weighing on businesses.
âThe process of negotiating our exit from the EU has created uncertainty so investment has slowed as businesses wait for clarity â  Hammond  said.
 Britain's Chancellor of the Exchequer Philip Hammond  speaks at the Conservative Party's conference in Manchester  Britain October 2  2017. REUTERS/PHIL NOBLE
Business groups welcomed Hammondâs defense of free markets  but said the government needed to do much more.
 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.
âWe must never deny or dismiss the underlying concerns that the election articulated: we must listen to them and we must respond â  Hammond  said  adding that the government should offer âpragmatic solutionsâ to improve ordinary peopleâs lives.
But with Brexit on the horizon  a slowing economy and the Bank of England hinting that interest rates could rise  May and  Hammond  have limited room for fiscal maneuver.
Labour said Hammondâs speech on Monday was disappointing.
MANCHESTER  England (Reuters) -  [TGT]  defended capitalism as the only route to prosperity on Monday  in an attempt to counter the opposition Labour Partyâs increasingly popular vision for a more centrally-controlled economy.
In a speech to the ruling Conservative Party that contained only two new policy announcements    [TGT] also said that the governmentâs immediate task was to deal with the uncertainty for citizens and businesses resulting from Brexit.
  [TGT] said last weekâs Labour Party conference showed it wanted to impose on Britain  the worldâs fifth largest economy  the âsocialist fantasyâ seen in Cuba  Venezuela or Zimbabwe.
âWe saw Labour in the raw  exposed for what it has sadly become: a party taken hostage by a clique of hard-left extremist infiltrators  people who despise Britainâs values and talk down our country â   [TGT] told Conservative Party activists.
Seeking to put the economy center-stage in the Conservativesâ pitch to voters    [TGT] said Britain could only hope to experience rising living standards âby harnessing the power of the market economyâ.
With opinion polls showing Labour gaining support    [TGT] aims to convince voters that Corbyn would make them poorer.
Labourâs leaders    [TGT]   said  âopenly 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.â
âOur economy is not broken: It is fundamentally strong â   [TGT] said  while also accepting that a lack of progress in talks on Britainâs divorce settlement with the European Union and uncertainty over future ties were weighing on businesses.
âThe process of negotiating our exit from the EU has created uncertainty so investment has slowed as businesses wait for clarity â   [TGT] said.
 Britain's Chancellor of the Exchequer Philip Hammond  speaks at the Conservative Party's conference in Manchester  Britain October 2  2017. REUTERS/PHIL NOBLE
Business groups welcomed Hammondâs defense of free markets  but said the government needed to do much more.
  [TGT] 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.
âWe must never deny or dismiss the underlying concerns that the election articulated: we must listen to them and we must respond â   [TGT] said  adding that the government should offer âpragmatic solutionsâ to improve ordinary peopleâs lives.
But with Brexit on the horizon  a slowing economy and the Bank of England hinting that interest rates could rise  May and   [TGT] have limited room for fiscal maneuver.
Labour said Hammondâs speech on Monday was disappointing.