Britain has spent an estimated £90 billion on protecting households and businesses against soaring energy prices.
That’s according to new analysis by policy research think tank Bruegel which estimates that since September 2021 €768 billion (£678 billion) has been allocated and earmarked across European countries to shield consumers from rising energy costs.
The increase in wholesale energy prices in Europe has prompted governments to put in place measures to shield consumers from the direct impact of rising prices.
Analysts say that Germany was by far the biggest spender, splashing out nearly €270 billion (£238bn).
In September 2022, the think tank estimated that the 27 EU member states had already earmarked €314 billion (£273bn) to stave off the pressure from soaring energy bills while the UK allocated €178 billion (£155bn).