Big challenges for cautious Hammond

Philip Hammond looked relaxed in a photo released by the Treasury - reading his statement, settled in a wing-backed chair, tea in a china cup and saucer at hand.

But while he is perfectly at home in the Treasury, the government has little to be relaxed about. As a new team, in Number 11 and Number 10, there is a clear political desire to show Theresa May means it when she promises to help families struggling to make ends meet.

But one Cabinet source said there is even less money than in 2010, when there famously was "no money left".

Caution

There may be concessions to some, but don't expect any largesse.

Despite the change in personnel and a willingness to borrow a fraction more, this is still a Tory administration determined to pare back public spending.

With the Treasury belief that the question marks of Brexit make that task even harder, Mr Hammond will pursue caution over flashing taxpayers' cash.

This is still a big moment for the government - its first grand set piece financial statement.

Philip Hammond does not have an eye on the job next door

But the sense of occasion may be muted, given the chancellor's character. As one cabinet minister noted, he is unlike George Osborne as he is without "imperial ambitions".

He does not have an eye on the job next door. So compared with recent statements it may be less grand in ambition, with less direct detail of how government should behave and spend.

But in no way does that mean the task Mr Hammond has ahead is any less enormous. With the uncertainties of leaving the EU, perhaps the challenge for the 2016 Treasury is greater still.