Chaos in the Middle East has spread to Britain, and there is a real danger that everyone in the country will suffer in the coming months as the disruption to oil and gas flows pushes prices higher.

This is obviously bad news for Labour, now potentially suffering from the exact same problem – higher inflation caused by a foreign war – which helped to topple the Conservatives.

But ironically, it could prove to be a boost for Sir Keir Starmer and Rachel Reeves. Both are wildly unpopular with the public, but both can now argue that removing them from office is the worst possible idea at a time of turmoil.

For some time, the best argument in favour of keeping the Prime Minister and Chancellor in post despite Labour’s poor poll ratings and the embarrassment of the recent Gorton and Denton by-election has been that getting rid of them would plunge the UK into a mini financial crisis.

Every time their position has been in doubt, markets have wobbled: the value of the pound has fallen and the Government’s borrowing costs have increased. This effect appears to be stronger when left-wingers........

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