OBR cautions about Middle East war dragging down growth and triggering a fresh cost of living crisis

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British households face a “pretty grim picture” for living standards as the war in the Middle East drags down growth and triggers a fresh cost of living crisis, the government’s independent forecaster has said.

In a report as John Healey announced his first budget, the Office for Budget Responsibility (OBR) issued a sharp downgrade for growth in 2027, household disposable incomes and the public finances despite the measures taken by the chancellor.

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© Photograph: Vuk Valcic/SOPA Images/Shutterstock

© Photograph: Vuk Valcic/SOPA Images/Shutterstock

© Photograph: Vuk Valcic/SOPA Images/Shutterstock

Talks are aimed at reopening strait of Hormuz and lifting sanctions on Iran, and for Houthis to withdraw in Yemen

A multipronged peace deal to reopen the strait of Hormuz within four days of sanctions being lifted and for the Houthis to withdraw substantial forces inside Yemen are at the heart of Gulf states’ plans to avert what they regard as a disastrous renewal of war between Iran and the US.

The US is aware of the talks’ progress but is holding out for a concession that European powers suggest could involve Iran allowing UN weapons inspectors back into the country.

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© Photograph: Amirhosein Khorgooi/AP

© Photograph: Amirhosein Khorgooi/AP

© Photograph: Amirhosein Khorgooi/AP

Multinational ‘anti-war bloc’ uses Istanbul summit to call for a diplomatic solution to Middle East crisis

Foreign ministers at a summit of eight European and Middle Eastern countries have urged the US and Israel not to renews their attacks on Iran, warning a fresh outbreak of fighting would spread conflict and push oil prices even higher.

The development of a new multinational “anti-war bloc” represents a challenge to the increasingly open plans by the US and Israel to relaunch strikes on Iran while talks on Tehran’s nuclear programme remain deadlocked.

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© Photograph: Massimo Percossi/EPA

© Photograph: Massimo Percossi/EPA

© Photograph: Massimo Percossi/EPA

Meanwhile, AIPAC is running ads in Michigan & elsewhere on behalf of Israel, which wants Americans to keep fighting wars for it

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Conflict in Middle East is pushing jet fuel costs higher and many carriers are not hedged against such increases, Michael O’Leary says

Ryanair’s chief executive has predicted a record increase in European air fares next year, as airlines grapple with fuel bills pushed higher by the Middle East conflict.

Many carriers are not hedged against rising jet fuel costs, Michael O’Leary said, which he predicted would lead to airline bankruptcies and takeovers. He forecast these pressures would result in the price of plane tickets rising by as much as 20%.

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© Photograph: Alexandros Avramidis/Reuters

© Photograph: Alexandros Avramidis/Reuters

© Photograph: Alexandros Avramidis/Reuters

Trump has attacked Iran twice, both times amid nuclear negotiations and alongside Israel. The war has made it more likely that Iran will acquire nuclear weapons, and has undermined the cause of nuclear nonproliferation across the Middle East and beyond.

The Jewish Institute for National Security of America (JINSA) has taken credit for a number of recent legislative efforts on behalf of Israel, including NDAA Section 219

US treasury bonds (the benchmark asset for the entire global dollar system) have experienced their worst returns in history... The war Israel pushed us into is slowly demolishing the American economy and financial system