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Story summary
- UK Chancellor John Healey says war-related inflation in Iran may force £35 bn budget top-ups.
- Institute for Fiscal Studies warns real-terms erosion of departmental budgets outweighs shrinking fiscal headroom.
- IFS projects fiscal headroom falling to about £20 bn in 2029-30, down from a £24 bn March forecast.
- Healey told the IMF summit he will work with partners to trade, support families and deliver growth.