The chancellor has said the 52 innocent people who were killed by four West Yorkshire bombers would never be forgotten.
He added: "The Treasury stands ready to play a part in funding a memorial that the victims' families may consider fitting."
Annie Kiff-Wood, of the Cruse Bereavement counselling service, said such a memorial could provide comfort for the victims' families.
In the aftermath of the bombings the counselling service joined forces with others to create 7th July Assistance, a counselling and support group for people affected.
She added: "People, particularly when they have been bereaved by a national disaster, sometimes need to have this kind of public recognition."It can be important and a comfort. Families appreciated the public memorial service.
"If the Government is thinking of making a memorial I assume that just as there was public consultation about the service there would be discussions about what would be a fitting memorial."
The 7th July Assistance group brought together a
number of organisations, including the British Red Cross, the Metropolitan Police and the Salvation Army.
A small remembrance plaque has already been unveiled in Victoria Embankment Gardens, off London's Embankment.
A message on it from London Mayor Ken Livingstone reads: "The City will endure; it is the future of our world."
