Conservative - Monday Today at Conference


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Evening, all, welcome to our first Today At Conference from

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the Tory Party's annual jamboree here in Birmingham.

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Philip Hammond made his first speech as Chancellor and set the

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Government on a new course, with slower budget

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deficit reduction, and more borrowing to invest.

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The new Hammond way is good news for Communities Secretary Sajid Javid

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and Transport Secretary Chris Grayling.

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We'll hear how they plan to spend the extra dosh.

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But what do the Tory rank-and-file think of this change of policy?

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Our Adam talks to party members about the loosening

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Crack on? Yeah.

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Err... As soon as possible.

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It's only three months since Theresa May replaced

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but already this feels like a very different government.

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Policies are being ripped up, replaced or refreshed all over

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the place, including the core Cameron-Osborne policy

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That's been changed by the new Chancellor,

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but Philip Hammond began with some warm words for his predecessor.

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It's easy to forget, six years on, the scale of the legacy

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of Labour's great recession that we inherited in 2010.

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Turmoil in the markets, a banking system still reeling

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from the crisis, a deficit of more than 10% of GDP, the highest

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And it was the decisions George Osborne, took in those

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early days, that pulled us back from the precipice and set us

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..Those tough early choices and the doggedness in sticking

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with them delivered that intangible, but indispensable

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Credibility in the markets that helped secure record

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low borrowing costs, and credibility with business,

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securing the investment that supported our recovery.

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And the results are clear for us all to see.

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2.7 million more people in work today under a Conservative

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government than in 2010 under Labour.

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Did we hear that achievement being lauded in Liverpool last week?

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Of course not, because Corbyn's Labour Party has abandoned

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the agenda of working people, deserting the middle ground

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of British politics in favour of the socialist ideology

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Leaving us, the Conservatives, as the true party of

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We must look to the future, to the economic challenges ahead.

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Let's start with the immediate challenge.

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The markets have calmed since the referendum vote,

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and many of the recent data have been better than expected.

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That is the clearest demonstration of the underlying

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But there is no room for complacency.

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Many businesses which trade with the EU are uncertain

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They have understandable questions about the process

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of the negotiations, about the deal that will be

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done, about the changes they will have to make to adapt

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And about what it will all mean for their employees, their company,

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And I understand their concerns - business, after all,

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But let me repeat the pledge of the Prime Minister yesterday.

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As we negotiate our exit from the EU and our future relationship with it,

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this Government will fight for the best possible deal

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for British business and British workers.

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The best possible access to European markets for our manufacturing

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and our global exporters, ensuring that Britain after Brexit

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will remain one of the best places in the world for a business

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to invest, to innovate, and to grow.

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The independent Bank of England successfully cut interest rates

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to restore confidence in the wake of the vote.

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But as the economy responds over the coming months, fiscal policy may

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Throughout the negotiating process, we are ready to take whatever steps

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are necessary to protect this economy from turbulence.

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And when the process is over, we are ready to provide support

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to British businesses as they adjust to life outside the EU,

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because Brexit does mean Brexit, and we are going to

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And in the meantime, I can offer some additional

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certainty to British businesses and other organisations bidding

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to receive EU funding while we're still a member.

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I've already guaranteed the funding for projects signed prior to this

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The Treasury will offer a guarantee to bidders whose projects meet UK

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priorities and value-for-money criteria, that if they secure

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multi-year EU funding before we exit, we will guarantee those

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payments after Britain has left the EU, protecting British jobs

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The British people elected us on a promise to restore fiscal

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discipline, and that is exactly what we are going to do.

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But we will do it in a pragmatic way, in a way that reflects

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The fiscal policies that George Osborne set out

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But when times change, we must change with them.

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So we will no longer target a surplus at the end

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the task of fiscal consolidation must continue.

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And it must happen within the context of a clear,

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credible fiscal framework that will control day-to-day public

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spending, deliver value for money, and get Britain back

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At the Autumn Statement in November, I will set out our plan to deliver

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long-term fiscal sustainability, while responding to the consequences

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of short-term uncertainty and recognising the need

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for investment to build an economy that works for everyone.

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A new plan for the new circumstances Britain faces.

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Our stock of public infrastructure ? like our roads, railways,

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flood defences ? languishes near the bottom of the developed

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countries league table after decades of under-investment.

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And our businesses, too, are not investing enough.

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All of this must change to build an economy that works for everyone.

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We need to close that gap with careful, targeted public

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investment in high-value infrastructure and encouragement

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of more private investment in British enterprises.

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One of the key messages of the referendum campaign was that

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large parts of our country feel left behind.

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They see the country getting richer, but they don't feel

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A dangerous divide is opening up between those who believe

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they have a stake in the economy and those who do not.

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And it's one of the central missions of this government to tackle that

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divide, to see the benefits of economic growth shared more

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evenly across the regions, and across the generations.

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A key part of this agenda is harnessing the economic

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The Northern Powerhouse project takes a visionary approach,

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linking the great cities of the North into a coherent

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economic entity, an interconnected region that raises productivity

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and delivers growth by making it easier and cheaper for firms

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and individuals to move goods, people and ideas.

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And I want to pledge to you today that the Treasury

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under my leadership will continue to drive the Northern Powerhouse

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project, working in partnership with local leaders to see it

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deliver its potential for people in the North.

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But our economic future must not be defined by Brexit alone.

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So as we tread that path to becoming an independent sovereign country

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once again, and forge a new and exciting role

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for our nation in the world, let us resolve to tackle

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the challenges we face at home with renewed vigour -

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dealing with the deficit, raising our productivity,

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rebalancing our economy, rebuilding our infrastructure.

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And ensuring that everyone, in every part of our country,

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can contribute to and benefit from the growth that follows.

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Paying our way in the world, standing tall amongst our

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competitors, attracting the brightest and the best

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to deliver the vibrant, successful economy that will mean

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when future generations look back on our decision in 2016,

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they will see not the end of an era, but the beginning of a new age -

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not a country turning inward, but a nation reaching out

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decisively, confidently, to grasp new opportunities.

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A bigger, better, greater Britain, truly a country that

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Both the new Chancellor and the Prime Minister

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are trying to rebrand the Tories as the workers' party,

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but I asked David Gauke, he's the Chief Secretary to the Treasury,

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how could that be when almost six million workers

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You ensure that those people pay less in tax,

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you ensure that you have a higher national living wage,

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But, actually, I come back to this point - if we want to have

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a high-wage, high-skill economy, we've got to make sure that we've

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got the environment in place to improve our skills,

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And also, I'll make this point, it is very important

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that we are a country that continues to create lots of jobs.

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And our record of the last six years in terms of job creation,

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as a country, is extremely strong by any standards, historical

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And, it is, you know, it is good that we are not a society that's

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For six years, indeed, in the run-up to the 2010 election,

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so more than six years, your party told us that the guiding

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light in its welfare reforms and its attitude to the economy

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That if you got a job, and did the right thing,

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which Mr Osborne used to say all the time, it would pay to work.

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And yet six years after you've been in power, 50% of our fellow citizens

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who are in poverty have at least one family member in work.

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So, in what way has that made work pay?

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They're working, and they live in poverty.

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Well, what we've seen is a significant increase

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in the number of jobs in this country, I think something

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One of the reasons why we have had this, and it's undoubtedly,

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you know, a success, and I would say this,

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But undoubtedly it's been a success of policy in the last six years that

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employment numbers are as high as they are, and one

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of the reasons why that has happened is that,

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actually, welfare reform has played a part, more people are essentially

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seeing that it is worthwhile for them working.

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I know you're not going to give us any details, because it's got

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to wait for the Autumn Statement in November, but are we going

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to borrow more to invest? As a general principle.

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I think I would make two points about the Autumn Statement.

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First of all is the acknowledgement, because of the uncertainty

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of the Brexit vote, it is likely that tax receipts will be lower

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than was previously projected, so that means that we are not

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in a position to meet our 2019-20 surplus target...

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So, the deficit reduction, it will continue to reduce,

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but at a slower pace? Umm...Well, we'll see.

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Oh, it might not even continue to reduce?

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I'm not going to speculate, because we'll see what the Office

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for Budget Responsibility determines,

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The second point is that we are in a set of circumstances

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where interest rates are very low, the way the gilts market has

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moved, we can borrow more cheaply than previously.

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And if there is a case for high-value infrastructure,

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and we have to be pretty tough about this,

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this is not about relaxing day-to-day spending.

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But if there is a case for high-value infrastructure that

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helps our long-term productivity, then, as the Chancellor,

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I think, has made clear, we're willing to look at that.

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We don't know yet how much extra money will be sloshing around,

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that will have to wait for the Autumn Statement in November,

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but we do know already two of the beneficiaries:

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the Communities Secretary, Sajid Javid,

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and the Transport Secretary, Chris Grayling.

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Ultimately, we have a responsibility to build more houses,

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a responsibility not just to our constituents,

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It is for that reason that we are going to take

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some unprecedented steps to open up the market.

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a massive ?3 billion home-builders fund.

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This major package will help us build more than 225,000 new homes

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and will create thousands of jobs, up and down the country.

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Now, second, we will pilot a new initiative,

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accelerated construction on public land.

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We will take government-owned land and we'll partner

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with contractors and investors to speed up house building.

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We will create new supply chains using things like off-site

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construction, and we will encourage new models of building

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to make houses that people want more cheaply and that pace.

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These measures will allow us to get started

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We will get more homes built more quickly.

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Third, we will bring forward a package of measures

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to encourage urban regeneration and to build on brownfield land.

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We want to radically increase brownfield development

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and bring life back to abandoned sites.

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That means delivering high-quality housing for families,

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bringing new energy to our high streets and town centres.

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It means abandoned shopping centres being transformed

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into new communities, and increasing the density

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of housing around stations to build homes that people want to live in.

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The champagne socialist Shadow Foreign Secretary

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who cringes when she sees the English flag.

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She already owns at least three houses worth a total of ?4 million.

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And yet she wants to stop working people from owning the homes

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raise families in, want to grow old in.

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Hasn't it been a momentous year for our politics?

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Ladies and gentlemen, I am enormously proud to have been

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part of a team that won the argument that Britain has a better

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and brighter future outside the European Union.

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But, you know, I'm also really proud

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to have been part of the team that helped elect our new leader

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I know she and our team will deliver that better and brighter future,

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and a country that works for everyone.

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I travel into Waterloo each day, the trains are packed.

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20 years ago, around 110,000 people a day use that station.

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We're providing longer platforms and longer trains,

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which will help ease that congestion.

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And it's not just in London - there will be new trains

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more seats in Manchester, Liverpool, Leeds and here in Birmingham.

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Ladies and gentlemen, unlike the Labour Party,

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as Conservatives, we want to move forwards and not backwards.

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We've built a new railway line that links our major cities,

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so we've got more space for freight trains and more space for commuter

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And that, ladies and gentlemen, nothing more, nothing less,

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is the reason we need to press ahead with HS2.

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Our whole country will benefit from this new project.

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I had recently my first experience of a driverless car.

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And believe me, it's a very unusual experience.

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But do you know what? It's all of our futures,

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and I want to say to the motor manufacturers of the world,

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come to the UK, develop your technology here.

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the most knowledgeable workforce in the world.

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and this government will support you.

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The march of the Brexiteers continues here in Brum,

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this is now ready much a full-on pro-Brexit party,

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and today we heard from two leading lights of the Leave campaign -

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the Environment Secretary, Andrea Leadsom,

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and the Secretary of State for International Trade, Liam Fox.

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I can't tell you what a great pleasure it is to be here today.

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As you all know, I'm so optimistic about our future,

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following our decision to leave the EU and the chance we now have,

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to plot a new course for ourselves in the world.

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we're getting on with the job, putting the country first.

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Now, I don't know about you, but it seemed to me their

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leadership election dragged on far too long.

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If only they'd come to me for advice on how to keep it short!

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None of us will forget the harrowing images of last winter's floods.

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And as I saw for myself, last week in York and Leeds,

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the devastation caused to communities.

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The maintenance and improvement of flood defences

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That's why we're spending a record ?2.5 billion on 1500 schemes,

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which will better protect 300,000 homes.

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Today, we continue to lead on the environment.

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Committing to being the first generation

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to leave it in a better state than we found it.

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And as we prepare to leave the EU, it's crucial

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that we provide our farmers with certainty and continuity.

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So it's really important that we've been able

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to confirm the same level of agricultural support until 2020.

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And that we will honour all environmental agreements

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signed before the Autumn Statement for their lifetime,

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even if they run beyond our departure from the EU.

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Last year, we exported more than ?18 billion worth of food and drink,

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exports are up by 6% and growing strongly.

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And I can tell you with a particular satisfaction that, only last month,

:23:24.:23:32.

the French voted British lamb their product of the year.

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The result of our referendum in June was clear.

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British people instructed us that they wanted to be given

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more control over the decisions that affect them.

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And that is what we are working hard to deliver.

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And that includes getting the deal right for Britain abroad,

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making a success of our exit from the European Union.

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And shaping an ambitious global role that puts Britain's interests first.

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But there are two problems that we have to tackle.

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In case you have not noticed, this guy did not fall down. Instead of

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investors fleeing the UK, we have seen a record amount of inward

:24:41.:24:45.

investment. We saw 24 billion investment by SoftBank in Cambridge,

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as well as a host of others, including Apple and GSK.

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And why does investment come to Britain?

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It comes, because we have many natural advantages, advantages

:24:57.:24:58.

When George Osborne was Chancellor, he was all about driving down

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the deficit and even getting the public finances into surplus.

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but what about people here at the conference?

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Do they want to ease off on deficit reduction or crack on?

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David, hang up the phone and do the mood box!

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I will probably ease off now we have gone Brexit,

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OK, ease off because of Brexit. Definitely.

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To look back at George Osborne's history, I think he did a good job,

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but you know, many people look at him and think,

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Was he a bit obsessed about cuts, do you think?

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Well, maybe... I'm just going to stop you there.

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Andrea, would you like to do the Daily Politics balls?

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Your first go at the Daily Politics balls in the Cabinet! No?

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Are you politely dismissing the balls?

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Yeah, more cuts? Well...

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Well, we've got to reduce the deficit.

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You can't run a country on a deficit budget.

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We've started, we need to finish what we started.

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Thick book, what have you got there? Call Me Dave by Lord Ashcroft.

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I suppose you're allowed to read that now he's gone.

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You weren't allowed to read that last year!

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Do you think there is more that can be cut from the public finances?

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Yes. Such as? Some areas of the health service.

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Some areas, I meant like the administrators.

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Who would you rather have a drink with,

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George Osborne or Philip Hammond?

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I think George might have the edge, I guess, maybe!

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Better banter. Yeah, I'd agree.

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Do think we should have a surplus by 2020?

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Hopefully, I would say so, yes, definitely.

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Don't abandon the target, make sure it keeps going.

:27:07.:27:09.

Guys, why are you watching Boris's speech

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when you could be doing the Daily Politics balls?!

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Deficit reduction, ease off or crack on?

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without prime ministerial authorisation?

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Well, of course, ease off or crack on, what does that mean?

:27:24.:27:25.

Well, we said were going to get rid of the deficit,

:27:26.:27:29.

we're just not going to do a surplus.

:27:30.:27:31.

I've been waiting to do this all year.

:27:32.:27:34.

It's Christmas, here you go, get a ball in!

:27:35.:27:36.

I think it's time to ease off on the austerity,

:27:37.:27:44.

We've got more important things on the table.

:27:45.:27:52.

Deficit reduction, crack on or ease off?

:27:53.:27:54.

When do you want it gone by? As soon as possible.

:27:55.:27:57.

Well, Philip Hammond, I hope you were watching,

:27:58.:27:59.

because your party faithful have issued your instructions

:28:00.:28:01.

when it comes to the deficit - slightly unscientifically.

:28:02.:28:03.

Loads of them want you to crack on with getting it down!

:28:04.:28:09.

on the day that fiscal consolidation,

:28:10.:28:13.

which has been at the centre of Tory economic policy since 2010,

:28:14.:28:16.

Who knows what might happen tomorrow?

:28:17.:28:23.

Home Secretary Amber Rudd takes to the stage -

:28:24.:28:26.

Work and Pensions Secretary Damian Green is also speaking -

:28:27.:28:30.

what's his approach to welfare reform?

:28:31.:28:33.

And what exactly are Mrs May's plans to expand grammar schools?

:28:34.:28:37.

Perhaps Education Secretary Justine Greening will tell us.

:28:38.:28:40.

I'll be back in the thick of it tomorrow at noon with another

:28:41.:28:44.

edition of the Daily Politics here from Birmingham on BBC Two,

:28:45.:28:47.

and then again after Newsnight tomorrow night

:28:48.:28:53.

Until then, nighty-night, don't let the budget deficit bite.

:28:54.:28:58.

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