Gordon Brown is to set up an emergency committee to take charge of Britain's response to the financial crisis.
The Times claimed it would be modelled on similar lines to Cobra, the Government's crisis management committee, and would bring together ministers, officials and advisers. Its secretariat would be run from the Cabinet Office.
According to The Times, the Prime Minister will announce its formation at the same time as a reshuffle to replace Ruth Kelly, the outgoing Transport Secretary.
Details of Ms Kelly's resignation were confirmed in a chaotic 3am briefing in a hotel bar by aides to Ms Kelly and Gordon Brown during the Labour Party conference last week.
The mother of four said her decision to quit was taken purely to spend more time with her young family.
The BBC claimed the limited reshuffle would take place in the next few days, although Downing Street refused to comment on the BBC report.
The news of Mr Brown's latest response to the continuing financial turmoil came as it emerged savers in Britain were rushing to put billion of pounds into accounts that guarantee their deposits.
Banks that offer 100% guarantees on their customers' savings have seen significant surges in new account openings.
And savers are also flocking to banks such as Lloyds TSB and Abbey, which is owned by Spanish giant Santander, as well as to the Treasury-backed National Savings & Investments.
