The human toll of the Israeli-Palestinian conflict continues to escalate. In a series of Israeli air strikes, 13 people have been killed, including two paramedics who were attending to the wounded. The UK government has condemned the targeting of medical teams, calling for an immediate investigation.

But beyond the moral outrage, there is a financial angle that cannot be ignored. Every rocket fired, every airstrike conducted, adds to the staggering cost of war. The region's economies are bleeding capital, with investors fleeing to safer havens.

The Israeli shekel has weakened, gilt yields in the UK have ticked up as uncertainty spreads, and the price of oil continues to fluctuate. The market's message is clear: conflict is a tax on prosperity. The UK's condemnation is welcome, but it does little to insulate global markets from the volatility.

Fiscal responsibility demands that we consider the bottom line: war is expensive, and the bill always comes due.