Chancellor Nadhim Zahawi also said the increase in the energy price cap would cause “stress and anxiety” but assured people that the government was working to develop more options to support households. “I know the energy price cap announcement this morning will cause stress and anxiety for many people, but help is coming with £400 off energy bills for all, the second instalment of a £650 payment for vulnerable households and £300 for all pensioners,” he told the BBC.

“While Putin is driving up energy prices in revenge for our support of Ukraine’s brave struggle for freedom, I am working flat out to develop options for further support. This will mean the incoming prime minister can hit the ground running and deliver support to those who need it most, as soon as possible.”

The government has promised that new support measures will be announced following the appointment of a new prime minister on 5 September, but many believe the support doesn’t go far enough and isn’t coming fast enough.

“The eye-watering energy price cap increase adds another layer of financial worry for households at a time when mortgages and grocery bills are eating up an increasing share of their disposable income, and the worst is yet to come,” Janet Mui, head of market analysis at wealth manager Brewin Dolphin told Stylist.

“It really will become a matter of choosing between heating and eating. Millions will be pulled into fuel poverty and will fall behind on paying utility bills, which ultimately will be added to debt.”

Martin Lewis says “I’m not doom-mongering” as energy prices go up by 80% from October