Chancellor faces global volatility and soaring energy costs as some insiders worry lack of clarity could trigger fresh market shock

Senior Labour figures are privately voicing unease about John Healey’s approach to his crucial first budget this month, against the backdrop of volatile global markets and soaring energy costs.

The chancellor’s work has been made significantly harder by the global bond sell-off, which continues to raise the cost of government borrowing, and ever increasing energy prices as Donald Trump continues the US war with Iran.