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“The revenues could offset the fallout from higher costs as a result of the Iran war, according to the Institute for Fiscal Studies - although it will put huge strain on spending plans.”

“The United States has reduced personnel from Middle Eastern embassies as intelligence officials warned that Iran had 'substantially increased efforts to target US personnel' in an unclassified memo.”

“Iran used the Kheibar Shekan missile against US bases during the war with the US last spring.”

“But is four hikes appropriate over the next year?’ Pressure for a rate hike is building as the Iran war continues to push prices higher, with oil at over $100 a barrel and annual UK energy bills set to soar past £2,000 from January.”