Unemployment predicted to continue rising to 5.3% as chancellor says she is meeting energy firms amid soaring oil and gas prices

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Rachel Reeves insisted Labour has “the right economic plan” for a world that has become “yet more uncertain” as she delivered a spring forecast that downgraded growth for this year.

The chancellor was addressing MPs against the backdrop of surging energy prices, as investors fret about the impact of the war in the Middle East. The cost of a barrel of Brent crude was up another 7% on Tuesday, at $83.20.