UK ministers begin contingency planning amid fears for economic effects of Iran war

Britain authorises use of military bases to strike Iranian missile launchers that target shipping in strait of Hormuz

• Middle East crisis – live updates

Donald Trump has branded the UK and other Nato allies “cowards” but anger is growing among cabinet ministers that his war in Iran could jeopardise Britain’s fragile finances.

Senior members of the government are in despair about the potential effects on the economy, with experts warning of higher energy prices and mortgage and borrowing costs.