What we now know about the UK economy in four charts

The UK may have no involvement in the US-Iran war, but the country is feeling the full force of the conflict on its economy. Soaring energy prices are set to dent growth in the short term, push up inflation and leave living standards in a grim place, according to the latest official forecast from the Office for Budget Responsibility (OBR). Interest rates are also predicted to rise, making borrowing more expensive, along with government debt repayments. Chancellor John Healey warned the nation faces real challenges ahead as he announced policies that he said would offer breathing space for households in the coming months. What we face today are global economic storms, he said.