Hammond's speech to delegates in Manchester on Monday, defended the market-based economy and called opposition leader Jeremy Corbyn "a clear and present danger" to the prosperity of Britain. A further 100 million pounds will be committed for 33 new road projects in the north of England. "So we say to Corbyn "bring it on", he said. "We must listen to them and we must respond".
Hammond also hinted there may be some room for help to business in the November budget: "What I've said in previous fiscal events is we have the flexibility to respond to support the economy through what is a very hard period as we negotiate our exit from the European Union".
With Brexit fears putting further pressure on the younger generation, Mrs May said making the United Kingdom a fairer place to live for ordinary working people was a priority.
"Leadership is about ensuring that you have a team of people who aren't yes men, but a team of people of different voices around the table so that we can discuss matters, come to an agreement and then put that government view forward and that is exactly what we've done".
"And while no-one suggests a market economy is ideal, it is the best system yet designed for making people steadily better off over time and underpinning strong and sustainable public services for everyone".
He urged Conservative activists to take on the argument voiced at Labour's conference in Brighton last week that the capitalist economic model which has held sway since the time of Margaret Thatcher had failed.
"It was a speech that contained more baseless smears on Labour than Tory policy announcements". Thirty years ago, the Conservatives would have had no problem in countering what Jeremy Corbyn stands for.
Responding to the chancellor's comments, Carolyn Fairbairn, director general of the Confederation of British Industry, said the United Kingdom is facing a generation defining-challenge. "We need to hear much more from Mr Corbyn and his team in the coming months and years as to how they plan to work with business large, and small, to make sure that we have the right skills, the right infrastructure and the right investment to deliver the vision of a post-Brexit British economy that they are describing". A potent cocktail of Brexit uncertainty and dogma-driven politics on both left and right threatens jobs, investment and living standards. "Now is not the time for half measures".