So said a close friend on BBC TV last night
MP Stephen Hammond, (no relation) said the fin min planned to set out an "intellectual framework" to bring the economy back to surplus.
But this would not be achieved until the economy has been stabilised after the uncertainty of the Brexit vote.
Yesterday I reported that the UK govt faces a GBP 100bln black hole in its finances and that it"s widely believed that Hammond will attempt to stick to some of the commitments to cut taxes as set out in the Conservative"s 2015 manifesto.
It means borrowing is likely to increase and instead of a surplus in 2019-20 as promised by his predecessor George Osborne, the govt will still have a sizeable deficit.
Hammond ( the fin min version) wants the Autumn Statement ( next Wednesday) to return to its original purpose as the lower profile of the two "fiscal events" of the year with major tax changes left to the budget in the spring.
The Treasury prompted speculation over the summer that it would adopt a looser fiscal policy - covering tax and spending - when the chancellor formally endorsed one of Theresa May"s main pledges in the brief Conservative leadership contest
More from the Beeb here
Meanwhile GBPUSD remains on the back foot at 1.2394 but surviving a couple of attempts on 1.2380 support so far . Expect offers into 1.2420. I remain a rally seller.
UK"s Hammond still hoping to achieve a budget surplus
UK"s Hammond still hoping to achieve a budget surplus
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