Here comes the Autumn Statement...

Chancellor Philip Hammond will deliver his first Autumn Statement at around 12.30 p.m. GMT (7.30 a.m. ET), speaking in front of the House of Commons.

A set piece in the parliamentary calendar, the Autumn Statement is generally used by governments to provide an incremental update on economic and fiscal policy.

But given that the current government only came to power in July, 2016's statement takes on increased importance.

Hammond is reportedly planning to abandon rigid fiscal targets in favour of a more flexible framework that will allow the Chancellor to deploy a bigger fiscal stimulus next year if needed to react to the economic impact of Brexit.

He is not, however, expected to announce any big stimulus measures so soon after the Brexit vote, especially given how well the economy has held up since June 23.

Among the policies expected from the new government's first major update include a ban on letting agency fees, a cut in the tax paid by air passengers, and an increased the threshold for paying income tax to £12,500. We've got a full preview here.

This post will be updated as Hammond speaks.