Rishi Sunak has looked at a possible freeze on benefits and public sector pay to fight the spiralling cost of the coronavirus crisis, it is reported.
He is also said to be trying to persuade Boris Johnson to suspend the "triple lock" on pensions - amid fears it will artificially rise due to the economic turmoil.
The Chancellor has told fellow ministers he is deeply concerned about the long-term damage to the country’s finances, according to the Mail on Sunday.
A Treasury source played down the reports, emphasising that the government previously said there would be no return to austerity.