Trump’s new budget ignores dying Americans and gives away record sums to the US military

President’s proposed budget slashes health department by 12% while throwing $1.5tn – a 42% increase – to the military

Task for the week: limit the fallout from biggest oil shock in decades

As World Bank and IMF chiefs gather in Washington, the Iran war is driving up energy prices, fuelling inflation and testing voters’ patience

Prices were up 3.3% over the year, adding to the unpredictability that first came with Trump tariffs

Kristalina Georgieva says even ‘most hopeful scenario’ will lead to growth downgrade and cause permanent hit to living standards

Situation still volatile as Tehran and Washington issue conflicting messages about opening of Hormuz channel

Analysts say doubts over stability of the ceasefire and damage to production sites mean the energy crisis is far from over

In backing down on his threats to destroy Iranian civilisation, Donald Trump has lessened concerns of a recession in Australia – at least for now

Markets now forecast one rate rise this year, down from two on Tuesday, although mortgage rates may not fall quickly

Oil prices swing and stock markets tense on approach to Trump’s deadline for Iran to reopen strait of Hormuz

Analysis shows developing economies more likely to experience higher interest rates and currency shocks

CBI figures showing surprise jump in financial sector’s growth will be welcome news for Rachel Reeves

JP Morgan boss warns of risks of higher inflation and interest rates due to Iran war in annual letter to shareholders

The energy crisis sparked by the war is making some countries consider ramping up their use of dirty fuels

Industry with business model not yet firmly established and investments financed by huge debts is particularly at risk

Greens, Reform UK, Your Party, Conservatives and even Lib Dems are making extravagant spending pledges