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A minister has mentioned that within the context of the battle within the Middle East, “the stability and the resilience which comes out of the economic plan the Chancellor is implementing is more important than ever”.

Asked on BBC Radio 4’s Today programme if there was a gap in forecasts due to what is going on within the Middle East, Chief Secretary to the Treasury James Murray mentioned: “No, I think what the forecast showed yesterday is that we’ve got the right economic plan, because the update the Chancellor gave showed how we’re bringing down inflation, how we’re cutting borrowing, how we’re creating the conditions for growth across the country.

“All of that was important and essential, even before what’s happened recently in Iran and the Middle East, it was the right thing to do to get the economy growing, to put more money in people’s pockets.

“One of the other critical priorities we’ve always had as a Government through the economic plan the Chancellor is implementing is about building our resilience.

“It’s about making us more secure. It’s about protecting the public finances, the British economy and household finances from instability in shocks around the world.

“So, I think, in the context of what’s happening in the Middle East right now, the stability and the resilience which comes out of the economic plan the Chancellor is implementing is more important than ever.”

Asked in regards to the price of progress falling this coming 12 months, he mentioned: “The rate of growth is largely unchanged over the forecast, because it is slightly slower in 2026 but then higher in 27 and 28, but what is critical for me is if you look at the lower inflation, lower borrowing, lower debt, lower debt interest payments, the higher investment, the higher retail sales, the higher business confidence, all of those are essential pre-requisites for growing the economy.

“So, that gives me confidence going to the years ahead that we can beat the forecasts, as we have done before.”