Why the Israel-Iran war could raise your taxes
If Rachel Reeves is to have any chance of making it to her autumn budget without U-turns or raising taxes, the improved economic forecasts of recent months need to come true. Missiles flying between Israel and Iran may destroy that hope. Things had been getting better for the Chancellor. Look at economic forecasts from the aftermath of Trump’s ‘liberation day’, and there was a common theme when it came to Britain. Because of the nature of our economic relationship with America – as a massive exporter in services (we’re their call centre) and with more or less balanced trade in goods – we would be shielded against the worst impacts