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

Reeves has signalled the government stands ready to provide targeted help for households facing a surge in energy prices. Photograph: House of Commons/PA

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.