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UK inflation pressures hits three-year high; Nobel prize for economics awarded today – business live

The Guardian Business Monday 12 October 2026, 06:49 UTC By Graeme Wearden 1 min read
Key Points

Rolling coverage of the latest economic and financial newsThe surge in inflation following the start of the Iran war has taken a bite out of the UK’s spending plans, the Institute for Fiscal Studies (IFS) is warning this morning. The IFS has calculated that chancellor John Healey is facing a funding gap of up to £35bn, as rising inflation has eroded the value of government departments’ cash budgets, and also driven up government borrowing costs.

Rolling coverage of the latest economic and financial news

The surge in inflation following the start of the Iran war has taken a bite out of the UK’s spending plans, the Institute for Fiscal Studies (IFS) is warning this morning.

The IFS has calculated that chancellor John Healey is facing a funding gap of up to £35bn, as rising inflation has eroded the value of government departments’ cash budgets, and also driven up government borrowing costs.

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UK (LOCATION) the Iran war (EVENT) the Institute for Fiscal Studies (ORG) IFS (ORG) John Healey (PERSON)
Originally published by The Guardian Business Read original →

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