>> Phillip Hammond is prepping his first autumn statement. It's the British Chancellor's opportunity to set out a post-Brexit economic agenda. And there's one acronym doing the rounds at Britain's Treasury. JAMS, it stands for people who've Just About Managing. Those on modest incomes who might feel left behind who could have voted for Brexit.
I'm Reuters reporter Jacob Greaves in a London cafe getting my fill of this stuff. His autumn statement aims to leave those people feeling a bit more satisfied, but the UK Chancellor has limited resources to spread.>> That could reportedly mean a freeze on fuel duty and boosted infrastructure spending.
But the Institute for Fiscal Studies warns of slim pickings. They calculate a 25 billion Pound black hole in public finances by the end of this Parliament. Treasury minds are chewing over projected slower growth and higher inflation but every chancellor wants to bring their own unique flavor to Britain's fiscal offerings.
Hammond plans to scrap his predecessor's pledge to balance the books by 2020. That buys him some borrowing headroom. But the UK is still trying to stare through the looking glass into Brexit Britain. When he announces his plan on Wednesday, Hammond's extra leeway may come with a caveat and be stockpiled for any looming economic shocks.