Philip Hammond promises young '˜Tories won't let you down'

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.'

Mr Hammond is expected to tell delegates in Manchester that Labour’s “dangerous and outdated ideology” would harm prosperity amid concern that Jeremy Corbyn’s party is denting the Tories’ economic credentials.

The Chancellor will say: “Our economy is not broken: it is fundamentally strong.

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“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.

“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.

Mr Hammond will add: “We are the party of progress. 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.

“This is the Conservative definition of progress and I pledge to the next generation: We will not let you down.”