The Minister for Foreign Affairs has said the Government is "ruling nothing out" as it considers what measures the Budget should include to address cost of living increases.

Simon Coveney said these "unprecedented times" mean that the Government is justified in "spending a lot of public money" in a bid to offset the pressure that families and businesses are facing.

Speaking on RTÉ's This Week, Mr Coveney said: "We're ruling nothing out and we will make a significant impact in terms of the pressure that the families are feeling, by spending a lot of money, which I think is justified. These are unprecedented times."

He said that work is still under way in preparation of the Budget, which is due to be published later this month.

"There are a lot of people working on a very significant package to respond to the cost of living crisis," he said.

He added: "The focus of that Budget will very much be around helping households and families and businesses with the dramatic increases in cost of living that they're trying to cope with."

When asked if it would include capping energy bills, Mr Coveney said: "Our job is to make sure that the numbers add up, and that we spend a very significant amount of public money in a way that we can afford, but also in a way that responds directly to the pressures that households face and we are ruling nothing out."

He said that energy bill credits are "under consideration".

"Like everything else, it's under consideration.

"But I think the overall package is what will count here, whether we look at price caps, whether we look at energy credits, all of that will add up, but what I can say is that these are unprecedented times, and the financial response from the Government will be unprecedented as well."

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Speaking on the same programme, Sinn Féin finance spokesperson Pearse Doherty said his party is advocating for a cap on electricity prices, cost-of-living cash payments, and a doubling of Child Benefit payments.

The Donegal TD said called for "a cap on electricity prices back to pre-crisis level, putting the prices back to where they were in the middle of last year, giving people certainty that first of all prices for electricity will be reduced and the second certainty that right through this winter period right into next year that those prices will not increase".

Mr Doherty said that the electricity price cap would need to be in place right through the winter period up until the end of February.

Mr Doherty also argued that "larger families consume more energy and that's why we need a doubling of Child Benefit payments."

He accused the Government of "abandoning" families, saying "The reality is that this should have been dealt with before the summer.

"These families shouldn't be abandoned during this period when we're seeing increases coming down the line of 30 and 40%, depending on electricity and gas."

He said that the total cost of a package of measures to support households would be in the region of €4bn, adding that support for businesses is needed also.