Rachel Reeves urged to raise taxes on companies profiting from Iran war

"Around 40 leading UK charities, organisations and unions wrote an open letter to Sir Keir Starmer and the Chancellor, urging the government to tackle profiteering."

"The US-Israeli war in Iran has seen the cost of oil skyrocket, with Brent Crude prices soaring past $100 per barrel as the Strait of Hormuz remains under Tehran's control."

"The disruption to the flow of oil through the strait has particularly impacted import-dependent countries in Asia, which have recently declared emergencies as their reserves run low."

The Independent covers significant issues like reproductive rights, climate change, and Big Tech, emphasizing the need for on-the-ground reporting. Donations support journalists in delivering unbiased stories. UK charities urge the government to tax profitable businesses due to the Iran war to fund cost of living support. The war has caused oil prices to surge, affecting import-dependent countries in Asia, which are facing emergencies due to dwindling reserves. The call for tax revenue aims to bolster the UK economy's resilience against fuel price shocks.

Read at www.independent.co.uk