The package includes a mixture of repayment holidays, reduced or waived fees, loan extensions, increased flexibility of terms, and additional specialist support teams deployed on the ground.

RBS has already announced a £250m interest free loan fund for affected businesses, and has extended this with an offer of repayment holidays for mortgage customers

Lloyds and Barclays have announced financial packages of around £250m each and HSBC, Santander and Nationwide have also announced extensive programmes of support for their affected business and individual customers.

Other measures announced by Downing Street include:

• a £5,000 “repair and renew” grant for all affected homeowners and businesses – this will top up any money received from insurers to ensure flood resilience is built into homes and businesses as they are repaired

• all affected businesses will get 100% business rate relief for 3 months and will also get an extra 3 months to pay the business taxes they owe to HMRC as they get back on their feet

• a £10m fund for farmers suffering water-logged fields to help restore it to farmable land as quickly as possible.

The Prime Minister said: “Britain is facing some of the worst flooding in decades following the wettest winter in 2 and a half centuries. This government continues to take clear action across the board to ensure that everything that can be done is being done; whether that is extra pumps and sandbags, a commitment to dredging in Somerset, deploying the military to shore up flood defences and provide additional support for local emergency services. We are taking, and will continue to take whatever steps are necessary.

“And today I have announced a comprehensive package of new measures to help-hardworking homes, businesses and farmers hit by these floods to get back on their feet. We are helping people who need help and protecting communities who need protecting, and as I said yesterday money is no object to help this flood relief effort.”