On Thursday night, the Prime Minister said the Government had learnt from the criticism of the 2008 bank bailouts and added: "This time, we're going to make sure that we look after the people who really suffer from the economic consequences of what we're asking them to do, and we'll be directing our support to them, looking after the people first."

A source in the meeting said other measures discussed included "the use of National Insurance Contributions and income support schemes".

On Thursday, the Government published its emergency Coronavirus Bill, which includes powers to make changes to National Insurance without the need for further legislation. By cutting NI, the Government would be able to help employees, employers and the self-employed.

Writing for The Telegraph, the Labour MP Peter Kyle, who sits on the Commons business select committee, said using the National Insurance system to put money back into people's pockets will "enable Government to shoulder a share of wages during the crisis".

A Treasury source said officials would be finalising the measures on Friday and added: "It's a movable feast. We are working up a whole range of options." The package will be designed to "protect people's jobs and protect their wages", the source said, and will add to the £350 billon stimulus for businesses the Chancellor announced on Tuesday.

Greg Clark, the former Business Secretary, spoke in favour of giving people a tax break through their payroll systems on Thursday.

He said: "All employers have an account with HMRC to pay tax for employees though Pay As You Earn [..] Instead of firms paying PAYE to the government, that flow should now be reversed – with the nation paying the wages of people for the next few weeks if, and only if, they continue to employ their staff."