Boris Johnson will chair a committee with the aim of tackling the cost of living crisis "in the next couple of weeks", Downing Street has said.
The membership of the Domestic and Economic Strategy Committee, which is not new, includes the prime minister, Chancellor Rishi Sunak and Cabinet Office minister Steve Barclay.
The prime minister's official spokesperson confirmed ministers talked through "a number of ideas" to ease the pressure on household finances on Tuesday morning after the PM chaired a Cabinet meeting to discuss "innovative" ways to combat the crisis that do not solely rely on increased government spending.
Politics Hub: PM urged to come up with new ideas to ease cost of living crisis
The spokesperson confirmed that ideas these will "feed into a more formal process".
A future announcement on childcare aimed at easing the financial burden faced by many families was also hinted by Number 10.
Asked about the childcare measures, the PM's official spokesperson added: "I think all I can say is that this is an area where the government recognises there is more to do.
"It is live policy work taking place and I'm sure we'll have more to say in the future."
'No golden bullet' to solving cost of living crisis
It comes after a minister earlier warned that there is "no golden bullet" to solve the cost of living crisis.
Many people in Britain are facing an increase in energy bills, council tax and the effects of a National Insurance tax rise - as well as inflation hitting a 30-year-high of 7% earlier this month.
Armed Forces minister James Heappey told Sky News there is "no doubt" that any interventions by the government will be "expensive", but added that "cumulatively" a range of measures could "start to make a difference".
"There's no doubt about these interventions are expensive - £22bn of government intervention to assist with families with their cost of living is already huge," he said.
"There'll be other levers that government can pull and, you know, not one of them will be a golden bullet.
"But cumulatively, if you can provide people with lots of small savings across their cost of living, then cumulatively that does start to make a difference.
"So I wouldn't sniff at the removal of a tariff on a particular food type, because if that sits alongside a reduction in fuel duty at the pumps, which has happened, that sits alongside a raising of the personal allowance, an increase in the national living wage, cumulatively you can start to see and assisting people with their energy bills.
"You can start to see how that starts to ease the pressure on the families who are struggling the most."
Emergency budget needed, Labour says
Labour has reiterated its call for an "emergency budget, not a Cabinet meeting" to tackle the rising costs households are facing.
Speaking to broadcasters on Tuesday, Sir Keir Starmer said it should include a windfall tax on oil and gas companies to allow energy bills to be cut "at the very least".
The Labour leader added that he would like to see "rate relief for businesses" and money fraudulently claimed through coronavirus business support schemes "clawed back".
"The argument the government is trying to put forward that there is nothing we can do is absolute nonsense," he added.
Number 10 has said the government is renewing efforts to raise awareness of the "strong package" of financial help already on offer and warned that "private companies must play their part" in helping to bring down costs.
Ahead of Cabinet, Mr Johnson said: "We will continue to do all we can to support people without letting government spending and debt spiral, whilst continuing to help Brits to find good jobs and earn more, no matter where they live."
PM calls for creative ideas
But the Lib Dems have accused the government of being "completely out of ideas".
"What the British people need now is proper leadership - that means an emergency budget, a cut to VAT and a windfall tax on the super profits of the oil and gas companies," the party's leader Sir Ed Davey said.
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Supermarkets cut prices
According to new figures released by the Office for National Statistics this week, almost nine out of 10 adults say they have seen a rise in their cost of living - compared to 62% in November last year.
On Monday, supermarket groups Asda and Morrisons announced efforts to help struggling shoppers during the cost of living crisis.
Asda, Britain's third-largest supermarket after Tesco and Sainsbury's, said it will invest more than £73m to keep the prices of more than 100 essential items low until the end of the year.
The items include some fresh fruit, vegetables, fresh meat, and frozen food.
Morrisons, the country's fourth-largest supermarket, said it has reduced prices on more than 500 products, including cereal, cooking sauces, chicken and sausages as well as flour, bread and ham.
Asda said prices on affected items would come down by an average of 12%, while Morrisons said its reductions would average 13%.
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2022-04-26 12:00:00Z
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