The cost of measures already announced by European governments to help households and businesses tackle the energy crisis is nearing €500 billion (£435bn).

That’s according to analysis by think tank Bruegel which estimates that 27 EU countries have already earmarked €314 billion (£273bn) to stave off the pressure from soaring energy bills while the UK has allocated €178 billion (£155bn).

Europe has been hit by an increase in wholesale energy prices – this has prompted governments to put in place energy bill rescue plans to shield consumers from the impact of rising prices.

In recent weeks, the UK Government announced measures to freeze household energy bills to £2,500 a year.

Yesterday, it was confirmed that business energy bills would also be capped for the next six months to offer a lifeline for struggling businesses.