The Bank of England says there are no signs of a general slowing in activity. Consumers are still spending in the shops. The International Monetary Fund says the economy will slow sharply but will avoid a recession.

It is still early days, of course. The full effects of the Brexit vote on the economy will only become apparent over months and years rather than in the four weeks that have so far passed since 23 June. As the Bank’s agents made clear in their monthly report, many companies were so stunned by the result they have yet to work out what to do next.

The IMF made a similar point in its updated World Economic Outlook. It noted that Brexit was still unfolding, which is obviously true.

That said, Hammond has not had the baptism of fire that many predicted. Forecasts from the remain camp – of which the new chancellor was a member – came thick and fast in the run-up to the referendum. All of them warned of severe and immediate consequences if the leave side won.