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

Charities say taxes should rise for banks, defence and energy companies which stand to make windfall profits

• Middle East crisis live

Rachel Reeves is being urged to raise taxes on businesses generating “windfall” profits linked to the US-Israel war on Iran to fund emergency cost of living support for UK households.

With the government under pressure to respond, a group of leading charities, campaigners and trade unions said the chancellor could raise billions by taxing “excess profits” linked to the conflict.