Philip Hammond must be bolder, business leaders say

"Businesses aren't investing and I understand why; it's because of the uncertainty", Hammond said at an event during the Conservative Party's annual conference in Manchester Tuesday.

His detractors, including Foreign Secretary Boris Johnson, have said the United Kingdom needs to strike up free trade deals with non-EU nations as soon as possible, and keeping the United Kingdom tied to Customs Union rules will be harmful.

Mr. Hammond has previously called for a transition "of between three and four years", claiming the delay is needed to protect businesses.

Prime Minister Theresa May is grappling with deep divisions within her party over how to handle the Brexit talks and serious doubts about her leadership after her botched bet on a June snap election lost the Conservatives their majority in parliament and boosted Labour's hopes of eventually regaining power.

But he delivered a stern broadside against Mr Corbyn's "Marxist" policies, warning they threatened "not only our economic progress but our freedom as well".

Describing the Labour leader and his shadow chancellor John McDonnell as "dinosaurs who had broken out of their glass cases", he said Labor's harking back to the "ideological experiments" of the 1970s presented a "clear and present" danger to the UK's future prosperity.

But he acknowledged the damage inflicted by the tortuous process of Brexit. "But it betrays how fearful the Tories are of the challenge posed by Jeremy Corbyn".

"So before we can reap the benefits of our strong economic fundamentals and the investment we are making in the future, we must remove this uncertainty".

Labour said Hammond's speech on Monday was disappointing.

But he added: "They didn't vote to get poorer or to reduce trade with our closest neighbours and biggest trading partners".

- The UK's economic future will remain closely linked with the European Union, he said.

'They look to us in terms of what they want to see'.

He said Britain must not downplay the difficulties nor underestimate the complexities, saying Brexit will be one of the most challenging tasks ever undertaken by a peacetime government.

She said the government must show young people "that we're listening hard and we're a listening government".

Productivity growth had slowed to a "snail's pace" in the wake of the 2008 financial crisis, leading to wages which were "just too low" in many sectors of the economy, said Mr Hammond.

"The markets are not working, and that's why people are losing faith in capitalism..."

"For some, it will feel like driving with your foot to the floor, but the handbrake half on". A further 100 million pounds will be committed for 33 new road projects in the north of England.

When discussing what would attract young voters to back the Conservatives, Freeman said that it would not be achieved by "being trendy, and having Glastonbury-style things" - in reference to Corbyn appearing at the festival this summer - but admitted that there is a widespread cultural perception among young voters that the Tory Party is not for them. We will take them on. "We must listen to them and we must respond".