The photograph shows Phillip Hammond talking to us, in Kymin’s boardroom on April 19, 2010.

We were discussing the needs of SMEs, prior to the general election in May.

He was very knowledgeable and a pleasant guest.

At the time Phillip was shadow chief secretary to the Treasury, becoming chief secretary in the coalition government the following month.

And now he has been given the job of chancellor with considerable past experience of the department.

I’ve been asked why interest rates weren’t cut last Thursday.

There has a lot of over-hyped concern following the vote to leave the European Union, much of it stirred up by the media.

Phillip has also dismissed the idea of any emergency budget, as was suggested by his predecessor, George Osborne, before the referendum.

I believe Mr Hammond did not want to stir up the fires of panic and his calm approach is what is needed.

There may be a interest rate reduction announced at the next meeting of the relevant committee of the Bank of England, which is on August 4, when more information about our real position will be known.

But don’t be surprised if there isn’t one. We have had the lowest bank rate ever, since March 2009 and most of the talk has been about when interest rates would rise.

What does all this mean for you? Well, all previous bets are off. The new chancellor is his own man.

Any previous threats or even hints and nudges by George Osborne should be largely disregarded. For instance, one rumour was that tax relief on pension contributions would be scrapped.

What to do? As a budget has been ruled out, no change is likely until the autumn statement, which is usually delivered towards the end of the year.

So, no need to panic.

If you are saving into a 'defined contribution' pension scheme, whether it’s your own or a company sponsored one, put more money in. Remember, every contribution you make will have 25 per cent added to it by tax-relief, immediately.

What else? Well, interest on bank and building society deposits aren’t likely to go down but they’ve been miserable for more than seven years. A Stocks and Shares ISA might be right for you. Remember, even if there isn’t much in the way of a gain, there are always the dividends. The average dividend paid on one of the top hundred shares is between 3.5 per cent and four per cent. That mounts up over a while.

Look at your mortgage. Are you in a fixed rate mortgage? If so, could it be bettered?

And while you’re about it, look at your credit card accounts. They’re still charging very high rates of interest, so why not see if you can include them in your mortgage and save money. It’s called consolidation.

Wherever you seek financial advice, make sure you check them out first. Visit the FCA website to make sure they’re authorised and regulated.

One last thing, people can talk themselves into a recession. A lot of economists are doing that now. And when were they ever right about anything?

Stop worrying and have a good summer.