Wednesday, October 4, 2017

UK Official Defends Free Market Capitalism

British Chancellor of the Exchequer Philip Hammond defended capitalism as the only route to prosperity on Monday, reports Reuters.

In a speech to the ruling Conservative Party, Hammond said Britain could only
hope to experience rising living standards "by harnessing the power of the market economy".

But then the "free market" advocate went on and pledged statist measures, 400 million pounds of additional road and rail spending and 10 billion pounds of funding to help young Britons get on the property ladder.

Hammond's free market support, week as it was, was seen as an attempt to counter Labor leader Jeremy Corbyn, who is growing in popularity in Britain and has called for a much more active role for the state in the economy, including higher government spending, more taxation and government control of the banking sector.


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