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Treasury head Reeves has announced she is preparing "specific measures to address household expense pressures" in next month's financial statement.

Speaking to the BBC, she noted that curbing inflation is a collective responsibility of both the administration and the Bank of England.

The UK's inflation rate is expected to be the most elevated among the G7 developed nations this calendar year and the following year.

Possible Utility Cost Measures

Reports indicate the government could intervene to bring down energy bills, such as by reducing the current 5% level of value-added tax charged on energy.

Another possibility is to cut some of the regulatory levies currently added to bills.

Budgetary Limitations and Expert Expectations

The government will receive the next assessment from the independent fiscal watchdog, the Office for Budget Responsibility, on the start of the week, which will reveal how much room there is for such measures.

The consensus from the majority of economists is that the Chancellor will have to introduce tax increases or budget cuts in order to adhere to her self-imposed debt limits.

Previously on Thursday, calculations suggested there was a £22bn gap for the Treasury chief to resolve, which is at the lower end of expectations.

"It is a joint task between the central bank and the government to continue tackling some of the causes of price increases," Reeves stated to reporters in Washington, at the conferences of the International Monetary Fund and World Bank.

Revenue Pledges and International Concerns

While a great deal of the attention has been on expected tax rises, the Treasury chief said the latest figures from the fiscal watchdog had not altered her pledge to election pledges not to increase rates on income tax, sales tax or social security contributions.

She attributed an "uncertain global environment" with increasing international and trade tensions for the Budget tax moves, probably to be directed on those "most able to pay."

Global Economic Disputes

Addressing apprehensions about the UK's economic relations with the Asian nation she said: "Our security interests always take priority."

Recent statement by China to increase export controls on critical minerals and other materials that are essential for high-technology manufacturing led US President Donald Trump to propose an further 100% tariff on imports from China, increasing the possibility of an all-out commercial conflict between the two largest economies.

The US Treasury Secretary called China's action "economic coercion" and "a international production control attempt."

Inquired about accepting the American proposal to participate in its dispute with the Asian nation, Reeves said she was "very concerned" by China's actions and urged the Beijing authorities "to avoid restrictions and limit trade."

She said the decision was "harmful for the global economy and causes further obstacles."

"I believe there are areas where we need to challenge Chinese policies, but there are also important prospects to export to Chinese markets, including banking sector and other sectors of the economy. We've got to maintain that equilibrium right."

The chancellor also stated she was cooperating with international partners "regarding our own critical minerals strategy, so that we are more independent."

Health Service Drug Costs and Investment

The Chancellor also admitted that the cost the NHS spends on pharmaceuticals could increase as a result of current discussions with the US government and its drugs companies, in exchange for lower tariffs and funding.

A number of the world's largest drug companies have said in recent statements that they are either halting or abandoning operations in the UK, with some blaming the modest returns they are obtaining.

Recently, the Science Minister said the price the NHS spends on drugs would must rise to stop companies and pharmaceutical investment leaving the United Kingdom.

Reeves stated to media: "We have seen as a result of the payment system, that clinical trials, innovative medicines have not been available in the UK in the extent that they are in other EU nations."

"The objective is to make sure that patients receiving care from the NHS are able to obtain the finest critical medicines in the globe. And so we are looking at this situation, and... aiming to obtain additional capital into Britain."