George Osborne will spread £12 billion of planned welfare cuts over a longer period than originally planned, ITV News understands.
Political Editor Chris Ship reports that the promised reductions in spending will now be spread a year further than by 2017-18 - as was initially promised in the Conservative manifesto.
It is believed that the Chancellor has been given some room for manoeuvre as tax revenues are around £15 billion higher than projected in March's Budget.
Two people have died following a serious house fire in Barnsley.
Firefighters rescued a man and a woman from the blaze on Cherry Tree Street, Elsecar.
However, despite the considerable efforts of firefighters and ambulance crews, both passed away at the scene.
Firefighters were called to the incident at around 6.50pm on Tuesday evening.
An investigation into the cause of the fire is now underway.
Greek prime minister Alexis Tsipras says the Greek government is to submit a proposal that aims for a socially just and economically viable agreement.
The proposal includes "credible reforms" in return for a commitment to "adequate funding", he said, adding that he wants the process to conclude by the end of the week - with a "final exit to the crisis".
"The discussion was held in a positive atmosphere. The process will be fast, it starts in the coming hours with the aim of concluding it by the end of the week, at the latest," Tsipras told reporters after an emergency summit of euro zone leaders.
"The Greek side will continue the effort, having the strong weapon of the Greek people's verdict ... the vast majority's will for a viable agreement to end the discussion (about a Grexit) and offer the prospect of finally exiting the crisis."
Most people are on the most expensive energy tariffs - and most people don't know how much they pay for their bills.
Consumers are paying £1.2bn per year more than they should. The question is - did we overpay, or did they overcharge?
ITV News business editor Joel Hills explains:
Two people on board a Cessna aircraft that collided in midair with an F-16 fighter jet over South Carolina were killed in the crash, according to an official with the National Transportation Safety Board.
Officials did not give the identities of the two people killed in the crash.
The pilot of the F-16, who ejected safely ahead of the crash, was identified as Major Aaron Johnson of the 20th Fighter Wing from the Shaw Air Force Base.
Shaw Air Force base said he had been taken to Joint Base Charleston's medical centre for a health assessment.
"Our thoughts are with the friends and family of anyone aboard the civilian aircraft," a statement from Shaw Air Force Base said.
German Chancellor Angela Merkel has told reporters that she hoped Greece would produce reform proposals this week that she would be able to bring to the German parliament to approve.
She said all 28 European Union leaders would meet next Sunday to discuss support for Greece, provided Prime Minister Alexis Tsipras put forward detailed reform proposals - along with a loan request - by Thursday that they considered satisfactory.
If the reforms were adequate, and Greece enacted first measures, Merkel said she was sure that short-term finance could be provided to help Athens over its immediate funding needs.
Greece has until Sunday to present its last financial proposals ahead of the full European Union summit, according to Italian prime minister Matteo Renzi.