Iran’s Supreme Leader Ayatollah Mojtaba Khamenei has ordered that the country’s near-weapons-grade uranium is not sent abroad – but Donald Trump has threatened to hit Iran ‘even harder’ if Tehran does not agree to his demands.

Campaigners have cheered the Chancellor’s move to take aim at oil and gas profits with plans to close a tax loophole on overseas activities and raise hundreds of millions of pounds.

In a speech outlining cost-of-living support measures for households and businesses, Rachel Reeves said she would stop firms – including oil and gas giants such as BP and Shell – from reducing their tax liabilities by using corporate structures involving foreign branches.

She said some oil and gas groups that operate overseas through foreign branches “have structured their tax affairs in a way which ensures they pay little or no corporation tax on their UK energy trading profits”.

“Today we are putting an end to that practice,” she announced.

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