Capitalism is the only way, UK finance minister says in challenge to LabourMANCHESTER, England (Reuters) - British finance minister Philip Hammond defended capitalism as the only route to prosperity on Monday, in an attempt to counter the opposition Labour Party s increasingly popular vision for a more centrally-controlled economy. In a speech to the ruling Conservative Party that contained only two new policy announcements, Hammond also said that the government s immediate task was to deal with the uncertainty for citizens and businesses resulting from Brexit. 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. Hammond, who was sidelined by May during the election campaign, said last week s Labour Party conference showed it wanted to impose on Britain, the world s fifth largest economy, the  socialist fantasy  seen in Cuba, Venezuela or Zimbabwe.  We saw Labour in the raw, exposed for what it has sadly become: a party taken hostage by a clique of hard-left extremist infiltrators, people who despise Britain s values and talk down our country,  Hammond told Conservative Party activists. Seeking to put the economy center-stage in the Conservatives  pitch to voters, Hammond said Britain could only hope to experience rising living standards  by harnessing the power of the market economy . Last week Labour leader Jeremy Corbyn set out plans for a much more active role for the state in the economy, including renationalization of key infrastructure, higher government spending, and more taxation and control of the banking sector. With opinion polls showing Labour gaining support, Hammond aims to convince voters that Corbyn would make them poorer. Labour s leaders, he said,  openly proclaim their ambition to demolish our successful modern market economy and replace it with a back-to-the-future socialist fantasy with hundreds of billions of extra debt for the next generation to pay.  His words echo those of May, who last week issued her own defense of capitalism - a sign of growing concern about the threat Labour poses to the pro-business orthodoxy that has underpinned British economic policy since Margaret Thatcher s reforms in the 1980s.  Our economy is not broken: It is fundamentally strong,  Hammond said, while also accepting that a lack of progress in talks on Britain s divorce settlement with the European Union and uncertainty over future ties were weighing on businesses.  The process of negotiating our exit from the EU has created uncertainty so investment has slowed as businesses wait for clarity,  Hammond said. Business groups welcomed Hammond s defense of free markets, but said the government needed to do much more.  The speech shows a government strong on diagnosis, but weak on action. Businesses looking for clear vision and urgent delivery have been left with slim pickings,  said Carolyn Fairbairn, head of the Confederation of British Industry. Hammond pledged 400 million pounds ($535 million) of additional road and rail spending and 10 billion pounds of funding to help young Britons get on the property ladder. The government has also announced plans to tackle high levels of student debt and limits on pay for public sector workers.  We must never deny or dismiss the underlying concerns that the election articulated: we must listen to them and we must respond,  Hammond said, adding that the government should offer  pragmatic solutions  to improve ordinary people s lives. But with Brexit on the horizon, a slowing economy and the Bank of England hinting that interest rates could rise, May and Hammond have limited room for fiscal maneuver. The British Chambers of Commerce has warned that public rifts within the cabinet are undermining business confidence. Divisions over Europe helped sink the Conservative premierships of Thatcher, John Major and David Cameron.  Public disagreements between cabinet ministers in recent weeks have only served to undermine business confidence, not just on Brexit negotiations, but also on the many issues where firms need to see clear action from government closer to home,   said the Chambers  director general, Adam Marshall. Last month rating agency Moody s downgraded Britain s credit rating, saying government plans to reduce its debt load had been knocked off course and that Brexit would harm the economy. Labour said Hammond s speech on Monday was disappointing.  After 40 wasted minutes speaking and seven wasted years of Tory economic failure, the country expected to see the Chancellor change course,  Labour s finance policy chief John McDonnell said.  But instead, after a year in the job, he is continuing down the path of his predecessor and clinging to an old economic model that fails the many.  ($1 = 0.7477 pounds) worldnews
capitalism way uk finance minister says challenge labourmanchester england reuters british finance minister philip hammond defended capitalism route prosperity monday attempt counter opposition labour party increasingly popular vision economy in speech ruling conservative party contained two new policy announcements hammond also said government immediate task deal uncertainty citizens businesses resulting brexit prime minister theresa may grappling deep divisions within party handle brexit talks serious doubts leadership botched bet june snap election lost conservatives majority parliament boosted labour hopes eventually regaining power hammond sidelined may election campaign said last week labour party conference showed wanted impose britain world fifth largest economy socialist fantasy seen cuba venezuela zimbabwe we saw labour raw exposed sadly become party taken hostage clique extremist infiltrates people despise britain values talk country hammond told conservative party activists seeking put economy conservatives pitch voters hammond said britain could hope experience rising living standards harvesting power market economy last week labour leader jeremy corbyn set plans much active role state economy including nationalization key infrastructure higher government spending taxation control banking sector with opinion polls showing labour gaining support hammond aims convince voters corbyn would make poorer labour leaders said openly proclaim ambition demolish successful modern market economy replace socialist fantasy hundreds billions extra debt next generation pay his words echo may last week issued defense capitalism sign growing concern threat labour poses orthodoxy undermined british economic policy since margaret thatched reforms our economy broken it fundamentally strong hammond said also accepting lack progress talks britain divorce settlement european union uncertainty future ties weighing businesses the process negotiating exit eu created uncertainty investment slowed businesses wait clarity hammond said business groups welcomed hammond defense free markets said government needed much the speech shows government strong diagnosis weak action businesses looking clear vision urgent delivery left slim picking said carolina fairbairn head confederation british industry hammond pledged million pounds million additional road rail spending billion pounds funding help young buttons get property ladder the government also announced plans tackle high levels student debt limits pay public sector workers we must never deny dismiss underlying concerns election articulated must listen must respond hammond said adding government offer pragmatic solutions improve ordinary people lives but brexit horizon slowing economy bank england hinting interest rates could rise may hammond limited room fiscal maneuver the british chambers commerce warned public riots within cabinet undermining business confidence divisions europe helped sink conservative premierships thatched john major david cameron public disagreements cabinet ministers recent weeks served undermine business confidence brexit negotiations also many issues firms need see clear action government closer home said chambers director general adam marshall last month rating agency moody downgraded britain credit rating saying government plans reduce debt load knocked course brexit would harm economy labour said hammond speech monday disappointing after wasted minutes speaking seven wasted years tory economic failure country expected see chancellor change course labour finance policy chief john mcdonnell said but instead year job continuing path predecessor clinging old economic model fails many pounds worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Capitalism is the only way, UK finance minister says in challenge to LabourMANCHESTER, England (Reuters) - British finance minister Philip Hammond defended capitalism as the only route to prosperity on Monday, in an attempt to counter the opposition Labour Party s increasingly popular vision for a more centrally-controlled economy. In a speech to the ruling Conservative Party that contained only two new policy announcements, Hammond also said that the government s immediate task was to deal with the uncertainty for citizens and businesses resulting from Brexit. 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. Hammond, who was sidelined by May during the election campaign, said last week s Labour Party conference showed it wanted to impose on Britain, the world s fifth largest economy, the  socialist fantasy  seen in Cuba, Venezuela or Zimbabwe.  We saw Labour in the raw, exposed for what it has sadly become: a party taken hostage by a clique of hard-left extremist infiltrators, people who despise Britain s values and talk down our country,  Hammond told Conservative Party activists. Seeking to put the economy center-stage in the Conservatives  pitch to voters, Hammond said Britain could only hope to experience rising living standards  by harnessing the power of the market economy . Last week Labour leader Jeremy Corbyn set out plans for a much more active role for the state in the economy, including renationalization of key infrastructure, higher government spending, and more taxation and control of the banking sector. With opinion polls showing Labour gaining support, Hammond aims to convince voters that Corbyn would make them poorer. Labour s leaders, he said,  openly proclaim their ambition to demolish our successful modern market economy and replace it with a back-to-the-future socialist fantasy with hundreds of billions of extra debt for the next generation to pay.  His words echo those of May, who last week issued her own defense of capitalism - a sign of growing concern about the threat Labour poses to the pro-business orthodoxy that has underpinned British economic policy since Margaret Thatcher s reforms in the 1980s.  Our economy is not broken: It is fundamentally strong,  Hammond said, while also accepting that a lack of progress in talks on Britain s divorce settlement with the European Union and uncertainty over future ties were weighing on businesses.  The process of negotiating our exit from the EU has created uncertainty so investment has slowed as businesses wait for clarity,  Hammond said. Business groups welcomed Hammond s defense of free markets, but said the government needed to do much more.  The speech shows a government strong on diagnosis, but weak on action. Businesses looking for clear vision and urgent delivery have been left with slim pickings,  said Carolyn Fairbairn, head of the Confederation of British Industry. Hammond pledged 400 million pounds ($535 million) of additional road and rail spending and 10 billion pounds of funding to help young Britons get on the property ladder. The government has also announced plans to tackle high levels of student debt and limits on pay for public sector workers.  We must never deny or dismiss the underlying concerns that the election articulated: we must listen to them and we must respond,  Hammond said, adding that the government should offer  pragmatic solutions  to improve ordinary people s lives. But with Brexit on the horizon, a slowing economy and the Bank of England hinting that interest rates could rise, May and Hammond have limited room for fiscal maneuver. The British Chambers of Commerce has warned that public rifts within the cabinet are undermining business confidence. Divisions over Europe helped sink the Conservative premierships of Thatcher, John Major and David Cameron.  Public disagreements between cabinet ministers in recent weeks have only served to undermine business confidence, not just on Brexit negotiations, but also on the many issues where firms need to see clear action from government closer to home,   said the Chambers  director general, Adam Marshall. Last month rating agency Moody s downgraded Britain s credit rating, saying government plans to reduce its debt load had been knocked off course and that Brexit would harm the economy. Labour said Hammond s speech on Monday was disappointing.  After 40 wasted minutes speaking and seven wasted years of Tory economic failure, the country expected to see the Chancellor change course,  Labour s finance policy chief John McDonnell said.  But instead, after a year in the job, he is continuing down the path of his predecessor and clinging to an old economic model that fails the many.  ($1 = 0.7477 pounds) worldnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: capitalism way uk finance minister says challenge labourmanchester england reuters british finance minister philip hammond defended capitalism route prosperity monday attempt counter opposition labour party increasingly popular vision economy in speech ruling conservative party contained two new policy announcements hammond also said government immediate task deal uncertainty citizens businesses resulting brexit prime minister theresa may grappling deep divisions within party handle brexit talks serious doubts leadership botched bet june snap election lost conservatives majority parliament boosted labour hopes eventually regaining power hammond sidelined may election campaign said last week labour party conference showed wanted impose britain world fifth largest economy socialist fantasy seen cuba venezuela zimbabwe we saw labour raw exposed sadly become party taken hostage clique extremist infiltrates people despise britain values talk country hammond told conservative party activists seeking put economy conservatives pitch voters hammond said britain could hope experience rising living standards harvesting power market economy last week labour leader jeremy corbyn set plans much active role state economy including nationalization key infrastructure higher government spending taxation control banking sector with opinion polls showing labour gaining support hammond aims convince voters corbyn would make poorer labour leaders said openly proclaim ambition demolish successful modern market economy replace socialist fantasy hundreds billions extra debt next generation pay his words echo may last week issued defense capitalism sign growing concern threat labour poses orthodoxy undermined british economic policy since margaret thatched reforms our economy broken it fundamentally strong hammond said also accepting lack progress talks britain divorce settlement european union uncertainty future ties weighing businesses the process negotiating exit eu created uncertainty investment slowed businesses wait clarity hammond said business groups welcomed hammond defense free markets said government needed much the speech shows government strong diagnosis weak action businesses looking clear vision urgent delivery left slim picking said carolina fairbairn head confederation british industry hammond pledged million pounds million additional road rail spending billion pounds funding help young buttons get property ladder the government also announced plans tackle high levels student debt limits pay public sector workers we must never deny dismiss underlying concerns election articulated must listen must respond hammond said adding government offer pragmatic solutions improve ordinary people lives but brexit horizon slowing economy bank england hinting interest rates could rise may hammond limited room fiscal maneuver the british chambers commerce warned public riots within cabinet undermining business confidence divisions europe helped sink conservative premierships thatched john major david cameron public disagreements cabinet ministers recent weeks served undermine business confidence brexit negotiations also many issues firms need see clear action government closer home said chambers director general adam marshall last month rating agency moody downgraded britain credit rating saying government plans reduce debt load knocked course brexit would harm economy labour said hammond speech monday disappointing after wasted minutes speaking seven wasted years tory economic failure country expected see chancellor change course labour finance policy chief john mcdonnell said but instead year job continuing path predecessor clinging old economic model fails many pounds worldnews