Bailout fund provided amid soaring market prices and fears of another wave of collapses

The Bank of England will lend UK energy companies as much as £40bn to deal with soaring market prices amid fears of another wave of energy company collapses.

Prime minister Liz Truss, on her third day in office, said she wanted to make sure energy companies have the cash they need to buy energy if prices jump. Reports this week said British Gas owner Centrica was in talks with banks to secure extra cash as Vladimir Putin continues to choke off Europe’s supply of gas.

A review of the UK’s energy regulation that promises to deliver “fundamental reforms to the structure and regulation”

An energy supply taskforce, led by Madelaine McTernan, who currently heads the government’s vaccines taskforce, that will seek to agree long-term contracts for energy supply at steady prices

A review of the UK’s 2050 net zero target to ensure it is “not placing undue burdens on businesses or consumers”