George Osborne closes his conference speech by saying it is time to accept responsibility and take on challenges, and told the delegates: "We are the builders."  

The chancellor said he would work with anyone as he spoke about devolving power from Whitehall. 

And he announced a plan for the "biggest transfer of power to our local government in living memory" with a change to funding of councils.  

Conference has adjourned for a lunch break - when there will be plenty of fringe meetings - resuming at 14:15 BST.

BBC News Channel

A theme the Conservatives are pushing this week resurfaces as Cabinet Office Minister Matthew Hancock speaks to the BBC's Norman Smith. He says the Tories want to "dominate the centre" as "Labour moves off to the left".

George Osborne recalls how it was the Conservatives who stopped children working in factories, gave them universal education, gave equal votes to women, equal rights to disabled people, banned modern slavery and legislated for gay marriage. 

He was addressing his party conference about the introduction of the National Living Wage.  

George Osborne repeats his theme of his party being "the builders" as he closes his speech and the party faithful rises to applaud.

There will be an end to the "uniform business rate", George Osborne says. Big cities with elected mayors will be able "to add a premium to the rates" for infrastructure projects, with the agreement of business. Seemingly parking his tanks right on the lawns of the left, he says:

"We're going allow local government to keep all of the rates they collect from business," the chancellor announces. That's £26 billion in business rates, he adds.

Has George Osborne taken inspiration from a speech from Welsh Labour politician Aneurin Bevan in 1945? 

Referring to the 'Ed Stone' proposed by Labour in the general election campaign, George Osborne jokes about a thank you from the Downing Street maintenance team who will not have to up an "eight-foot high tombstone" in the garden.  

George Osborne says he was raised in the centre of London, but representing a constituency in the north of England showed him that "great as our capital is, there is so much more to this country". He adds:

On the EU, George Osborne says: "We want the integrity of the single market but we don't want to be part of the single currency." He also argues that the UK does not want to be "part of their ever closer union" so it is right that we "let the people decide" in a referendum.

George Osborne says he is proud that Lord Adonis will "help us create Britain's plan for the future, working together in the national interest".

Read more about the new National Infrastructure Commission

The chancellor says the government will press ahead with high speed rail, housebuilding and the right to buy. He says he is proud that the government is offering "more than a million people the chance ot own a house of their own".

George Osborne offers business a deal, proposing to "keep cutting your taxes" in return for employers paying workers more. "Britain deserves a pay rise" and will get one with a higher minimum wage - the living wage - he adds.

George Osborne accuses Labour of not practising "monetarism" but "magic money tree-ism". He accuses the opposition of policies which would mean "messing around" with the Bank of England's independence and "letting inflation rip". And he has a dig at divisions at the top of Labour.

The chancellor says he will not cut the NHS "in order to balance the books". Nor will he cut aid spending, he says, and commits to spending 2% of GDP on defence.