Analysis indicates the Treasury is receiving about £20m a day in extra revenue from energy taxes as high oil and gas prices lift VAT and the profits levy. But rising debt interest could absorb much of the windfall, limiting room for tax cuts or new spending.

Amid fears of petrol and diesel shortages, the PM will meet major fuel suppliers to secure stability. Ministers are preparing contingency plans and urging the public not to panic-buy, saying stocks remain adequate. Global tensions are disrupting shipping and pushing up prices.

Washington has given Tehran ten more days to reopen a key shipping strait, pausing planned action while talks continue. UK officials warn of diesel shortages by mid‑April and higher prices if flows don’t resume. A senior US figure also said London is within range of long‑range missiles.

After Tehran rejected a proposed peace plan, the US president issued a stern warning, signalling tougher sanctions and possible further measures. Washington says the offer would ease tensions if accepted, but diplomats fear talks could stall.