UK finance minister vows to defend free market economy against Labour

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Philip Hammond, U.K. chancellor of the exchequer, speaks to journalists as he arrives for an Ecofin meeting of European Union (EU) finance ministers in Luxembourg on Friday, June 16, 2017.

Britain’s Finance Minister Philip Hammond has slammed the opposition Labour Party’s calls for an overhaul of the U.K’s economic model during a speech at the annual Conservative Party conference on Monday.

Chancellor of the Exchequer Hammond focused his speech on “building a stronger economy” and defended the free market economy against what the ruling Conservative Party calls Labour’s “dangerous and outdated ideology.”

“Our economy is not broken: it is fundamentally strong,” Hammond told delegates gathered in Manchester, according to a transcript of his speech. “And 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.”

“As this model comes under renewed assault, we must not be afraid to defend it,” Hammond said, adding: “The market economy frees people and businesses, encourages them to create, take risks, give ideas a go because they can see the results and benefit from their success.

“It’s the profits from such businesses that underpin our savings and our pensions. And the wealth that a strong market economy creates which, in the end, pays for our public services.”