Meanwhile, the Government has brokered a deal between industry and a fertiliser giant to cover the cost of carbon dioxide to ensure a sustainable supply as energy prices spike.
With warnings that annual household bills could climb to £2,000, what can you do to insulate your finances? Follow our tips to stop your energy costs rising out of control.
Interest rate rise
As higher inflation and ballooning energy bills squeeze households and businesses, the Bank of England is entering a difficult moment for policy. International investors have warned that Britain’s economic recovery risks being derailed by a potential policy misstep if Threadneedle Street chooses to increase interest rates too quickly. Tom Rees explains growing worries of stagflation. It comes as mortgage rates are predicted to rise to the highest they have been in 13 years, which Roger Bootle says could deliver a serious blow to housing market optimism.
PM keeping warm
One Briton unlikely to be considering turning on the heating this week is Boris Johnson, who is on holiday with his family in Spain – reportedly at the Marbella villa of Environment Minister Lord Goldsmith of Richmond Park. Gareth Stace, the director general of UK Steel, said the midst of an energy crisis was “not the time” for the Prime Minister to be on a foreign break. What do you think? Have your say in our poll.
Comment and analysis
Around the world: ‘Street flooded with victims’ blood’
Mali’s leaders and the West are accused of “abandoning” villagers to the mercy of Islamist insurgents. Now British soldiers are bringing relative peace to a region shocked by a bloodbath that shook even veterans of Iraq and Afghanistan. Read our dispatch from Matteo Maillard in Ouatagouna, where children are scarred by the jihadist massacre.
Monday interview: David Haig – ‘Expressing your view is a perilous thing these days’
Much-loved character actor David Haig talks to Benji Wilson about Kipling, taking offence and wretched times at Rugby. Read the interview.