Economic ripples from US-Israel attacks will soon become waves, engulfing everything from energy prices to food

In retaliation for the US-Israeli missile attacks, Iran has launched what amounts to all-out economic warfare. Should the conflict continue even for another week, its impacts will start to be felt around the world as the third price surge since the pandemic washes through global markets.

For Britain, a further turn of the screw on living standards arrives just as political instability mounts at home, with the Labour and Conservative parties facing existential challenges to their left and right.