Outlook for living standards also downgraded as part of impact of Middle East conflict on economyHealey offers £100 payment to households to help navigate ‘global economic storms’Budget 2026: key points at a glanceBudget 2026 live – latest updatesBritain’s economy has taken a multibillion-pound hit as the war in the Middle East drags down growth and triggers a fresh cost of living crisis, according to the government’s independent forecaster.