Warning comes as OBR projections in the spring forecast are expected to show public finances moving in the right direction

Soaring global energy prices as a result of the widening Middle East conflict will jeopardise Rachel Reeves’s plan to conquer inflation and rekindle growth, economists have warned as she prepares to deliver her spring forecast later today.

Responding to the latest projections from the independent Office for Budget Responsibility (OBR), the chancellor will insist she has “the right economic plan for our country, in a world that has become more uncertain”.