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

During an interview with media outlets, she stated that curbing inflation is a shared task of both the administration and the central bank.

The United Kingdom's inflation rate is projected to be the highest among the G7 advanced economies this calendar year and next.

Possible Utility Bill Measures

Reports indicate the administration could intervene to bring down energy bills, for instance by cutting the present 5% rate of VAT charged on energy.

A further option is to lower some of the regulatory levies currently included in household expenses.

Fiscal Limitations and Expert Expectations

The government will obtain the next draft from the official forecaster, the Office for Budget Responsibility, on Monday, which will reveal how much space there is for such measures.

The expectation from most economists is that the Chancellor will have to introduce tax rises or spending cuts in order to adhere to her self-imposed debt limits.

Earlier on the same day, calculations indicated there was a £22bn deficit for the Treasury chief to resolve, which is at the more modest range of projections.

"There's a shared job between the Bank of England and the administration to continue tackling some of the causes of inflation," Reeves told the BBC in the US capital, at the annual meetings of the International Monetary Fund and World Bank.

Revenue Commitments and Global Issues

While a great deal of the attention has been on expected tax rises, the Treasury chief said the latest data from the OBR had not altered her pledge to manifesto promises not to increase rates on income tax, sales tax or social security contributions.

She blamed an "unpredictable global environment" with growing international and trade concerns for the Budget revenue measures, probably to be directed on those "with the broadest shoulders."

Global Trade Disputes

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

Last week's announcement by China to tighten trade restrictions on critical minerals and other resources that are key for advanced tech production led American leader the US President to suggest an further 100% import tax on imports from China, raising the prospect of an all-out trade war between the two economic giants.

The American finance chief labeled China's decision "economic coercion" and "a global supply chain control attempt."

Inquired about considering the US offer to join its dispute with China, Reeves said she was "deeply worried" by Chinese actions and urged the Beijing authorities "not to put up barriers and limit trade."

She said the move was "damaging for the international commerce and generates additional obstacles."

"It is my opinion there are sectors where we should challenge Chinese policies, but there are also significant prospects to trade with Chinese markets, including banking sector and other areas of the economy. We've got to get that balance appropriate."

The chancellor also stated she was cooperating with other major economies "on our own critical minerals strategy, so that we are less reliant."

Health Service Medicine Costs and Investment

The Chancellor also recognized that the price the NHS spends on pharmaceuticals could increase as a consequence of current talks with the Trump administration and its pharmaceutical firms, in return for reduced taxes and capital.

Some of the biggest global drug companies have said lately that they are either pausing or canceling investments in the United Kingdom, with several blaming the low prices they are receiving.

Recently, the Science Minister said the price the health service spends on drugs would need to rise to stop firms and pharmaceutical investment departing from the UK.

The Chancellor stated to the BBC: "We have seen as a result of the payment system, that medical research, new drugs have not been provided in the UK in the way that they are in other EU nations."

"Our aim is to ensure that patients receiving care from the National Health Service are can obtain the finest essential medicines in the globe. And so we are looking at this situation, and... aiming to secure additional funding into Britain."