THE Chancellor’s Autumn Statement used to be of little economic relevance – a forecasting update and a couple of voting winning proposals but nothing like as important as a Budget speech.

When the Chancellor steps up to the despatch box this Wednesday, the country – and the stock market – will be hanging on his every word.

This will be Philip Hammond’s first major setpiece, the new Government’s first statement of intent and the first financial response since the Brexit vote. Autumn Statements don’t get bigger than that.

The Chancellor faces a difficult job: to square Prime Minister Theresa May’s push to help cash-strapped households with tackling a troubled economic outlook fuelled by Brexit uncertainty. He has already abandoned his predecessor’s rigid adherence to ‘austerity’ – a move which gives him a bit more flexibility to meet the Prime Minister’s desire to help the so-called JAMs – families who are “just about managing”.

Despite having less cash to play with than his predecessor, Wednesday’s statement is likely to herald more money for infrastructure, such as roads, as Mr Hammond takes advantage of the cheap cost of borrowing.

But Britain’s JAMs need more help than a headline-grabbing plan to tackle traffic jams.

The Chancellor could start by scrapping the £12bn of welfare cuts that will hit the working poor the hardest when they arrive next year, investing in truly affordable housing and cutting local authorities in the north some slack so they can actually meet their legal obligations.

The victims of austerity had their revenge on George Osborne when they rejected his dire warnings and voted for Brexit – a decision which ushered him out of the door. Mr Hammond would do well to take heed.