PRIME Minister Boris Johnson will hold a Downing Street press conference at 5pm, according to Downing Street.

This comes amid growing speculation about a new £500 self isolation grant scheme.

Treasury sources have insisted that the scheme 'won't happen', however the grants are health secretary Matt Hancock's 'preferred option', according to documents leaked to The Guardian.

Speaking to Sky News, environment secretary George Eustice said: “We do need people, if they are asked to self-isolate because they have been contacted through our Test and Trace, we do need them to self-isolate.

“And, obviously, we always review the reasons why they might not.”

On the payment, Mr Eustice added: “No decisions have been made on this.

“We are always keeping multiple policies under review.”

The potential move has been prompted by government polling indicating that only 17 per cent of people with symptoms are coming forward for testing, while just one-in-four comply with rules to self-isolate for 10 days after testing positive and 15 per cent continue to go to work as normal.

However, treasury sources have warned that such a scheme could cost up to £453 million per week, while another source fears the plan “incentivises people to catch Covid."

Mr Johnson's press conference is likely to address such speculation, however on a recent visit to flood-hit Manchester, he said it is "too early to say" when coronavirus restrictions will be lifted, when asked whether lockdown is likely to end in spring or summer.

It has not yet been revealed whether any experts will be joining the prime minister.