Iran war costs drive UK profit warnings to a two-year high ahead of Chancellor John Healey's Budget

UK-listed firms issued 65 profit warnings in the three months to September, up from 59, according to EY. 'Policy change and geopolitical uncertainty' was cited in 54 per cent, the highest share in more than 25 years of EY's analysis. Rachel Reeves raised taxes by £75 billion before Andy Burnham sacked her. Chancellor John Healey's Budget on 28 October could bring a raid on banks, capital gains tax and bookmakers.

Housebuilders have issued 14 warnings this year, more than the 10 issued during the 2008 crisis.

EY warns the £24 billion fiscal headroom could become a £7 billion black hole.

Iran war fallout was blamed in 38 per cent of warnings as energy costs soar.