Conservative conference - as it happened: Philip Hammond insists Theresa May's Brexit plan is not dead as he urges warring Tory MPs to stand 'foursquare behind' her
All the updates from Birmingham, as they happened
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Your support makes all the difference.Philip Hammond won applause from the Tory faithful when he urged them to stand “foursquare behind the prime minister” to rescue her Brexit plan.
The Chancellor rejected claims from both pro and anti-EU Tories that the Chequers proposals were dead, after their mauling by the EU – insisting they could still deliver an agreement.
“Mr Tusk [the European Council president] says it won’t work - but that’s what people said about the lightbulb in 1878,” he told the Conservative conference. “Our job is to prove him wrong.”
The run-up to the Birmingham conference has been dominated by infighting over Theresa May's Brexit approach, which Boris Johnson described as "deranged".
See below for live updates
Philip Hammond says he won't talk about Brexit too much. However he says he is committed to uniting the party behind Theresa May's Chequers plan.
He says: "We must stand together, four-square behind the PM, to get the best outcome for Britain."
Applause when he says he is preparing for no-deal. He says he will make sure he has 'enough fiscal firepower in my locker' to fund preparations.
He also talks about a 'deal dividend', an economic boost once the Brexit deal is agreed.
Philip Hammond says Brexit did not happen in a vacuum, it was a product of something deeper and wider.
He said: "It happened because over the last 20 or so years, as the world has got smaller, a gap has opened up in Britain and in other developed countries, between the theory of how a market economy delivers and distributes rising prosperity and the reality experienced by ordinary people."
Interesting that Hammond refers to Theresa May's Chequers plan by name in his speech. Due to the criticism of the plan, some senior ministers have stopped referring to it by name.
It was totally absent from the earlier speech by Dominic Raab, the Brexit secretary.
My colleague Joe Watts wrote a piece on this shift earlier in the week:
Hammond is now taking a pop at Labour.
He said: "Colleagues, we will not outbid Corbyn with short-term gimmicks that cause long-term damage;
"We will not outspend him with reckless borrowing; We will not promise the illusory utopia he offers because, as those who have tried it have shown time and time again, it is based on a lie and it always ends in tears."
The chancellor insists that his party "is and will always be the party of business".
He goes on a charm offensive to industry leaders, saying business is the "cornerstone of a successful society" and a "force for good".
Businesses were dismayed when Boris Johnson declared "f*** business" and other hardline Brexiteers have been equally dismissive.
Responding to the speech, John McDonnell said: "The Chancellor’s speech confirmed the bankrupt state of the Tory party, increasingly irrelevant and cut off from the real day to day life most people experience.
“The Tories are bereft of any fresh ideas, forced to resort to a half-hearted filching of policies from others and desperately trying to revive long outdated slogans.
"As the Tories sink into a pit of bitter infighting, we mustn't allow them to take the country down with it.”
Business leaders will be "heartened" by the warm words in Philip Hammond's speech.
Dr Adam Marshall, director general of the British Chambers of Commerce (BCC), said: “After a period where many in business have felt that their concerns have not been centre stage in Westminster, firms will be heartened by the Chancellor’s forthright support for business as the foundation of both a strong economy and a strong society.
"It is right to champion the positive role that businesses play, day in and day out, across our communities – a role that has recently been overlooked by politicians of all colours.
“While Philip Hammond’s tone is encouraging, he must go further. His upcoming Budget must deliver bold action to boost investment and confidence at precisely the moment that our business communities need it most.”
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