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Treasury head Reeves has stated she is preparing "focused steps to deal with household expense issues" in next month's Budget.

In comments to the BBC, she emphasized that reducing price rises is a shared task of both the government and the central bank.

The UK's price growth is forecast to be the highest among the G7 advanced economies this year and next.

Potential Energy Bill Interventions

Sources suggest the government could take action to bring down utility costs, such as by slashing the present 5% level of value-added tax applied on energy supplies.

A further approach is to lower some of the government charges presently added to household expenses.

Budgetary Constraints and Analyst Expectations

The administration will obtain the latest assessment from the official forecaster, the Office for Budget Responsibility, on Monday, which will reveal how much room there is for these measures.

The view from most analysts is that the Chancellor will have to introduce tax increases or spending cuts in order to meet her self-imposed fiscal targets.

Earlier on the same day, calculations showed there was a £22 billion shortfall for the Treasury chief to fill, which is at the lower end of forecasts.

"It is a joint task between the Bank of England and the government to bear down further on some of the sources of price increases," Reeves told reporters in Washington, at the annual meetings of the International Monetary Fund and global financial institution.

Revenue Pledges and International Concerns

While much of the focus has been on likely tax rises, the Treasury chief said the latest information from the OBR had not altered her pledge to manifesto promises not to raise tax levels on earnings tax, VAT or social security contributions.

She attributed an "unpredictable global environment" with growing geopolitical and commercial issues for the Budget tax moves, likely to be focused on those "with the broadest shoulders."

Global Trade Tensions

Commenting on apprehensions about the United Kingdom's trade ties with the Asian nation she said: "The UK's security interests always are paramount."

Recent statement by China to tighten trade restrictions on critical minerals and other resources that are key for advanced tech manufacturing led American leader the US President to threaten an further 100% import tax on imports from China, raising the possibility of an all-out trade war between the two largest economies.

The American finance chief labeled the Chinese decision "economic coercion" and "a global supply chain power grab."

Inquired about accepting the American proposal to join its dispute with the Asian nation, Reeves said she was "deeply worried" by Chinese measures and called on the Beijing authorities "not to put up barriers and limit trade."

She said the action was "harmful for the global economy and creates further obstacles."

"It is my opinion there are sectors where we should confront Chinese policies, but there are also important opportunities to export to China's economy, including banking sector and other areas of the economic system. We've got to get that balance correct."

The Treasury chief also confirmed she was cooperating with international partners "on our own critical minerals approach, so that we are more independent."

NHS Drug Costs and Investment

The Chancellor also acknowledged that the price the National Health Service pays for medicines could go up as a consequence of ongoing discussions with the US government and its drugs companies, in return for lower tariffs and capital.

A number of the biggest global drug companies have said in recent statements that they are either pausing or abandoning investments in the United Kingdom, with some attributing the low prices they are receiving.

Recently, the government science advisor said the price the NHS pays for drugs would need to go up to halt companies and drug research funding leaving the United Kingdom.

The Chancellor informed the BBC: "We have seen as a result of the pricing regime, that clinical trials, new drugs have not been provided in the United Kingdom in the extent that they are in other EU nations."

"The objective is to ensure that people getting care from the National Health Service are able to receive the top critical drugs in the globe. And so we are looking at this situation, and... aiming to secure increased funding into the UK."