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Treasury head Rachel Reeves has stated she is planning "targeted steps to tackle household expense issues" in next month's financial statement.

Speaking to media outlets, she noted that reducing price rises is a collective duty of both the government and the central bank.

The UK's price growth is forecast to be the highest among the G7 industrialized countries this year and the following year.

Potential Utility Cost Interventions

Reports indicate the government could take action to reduce energy bills, such as by cutting the current 5% level of value-added tax charged on energy.

A further option is to reduce some of the government charges presently included in bills.

Budgetary Limitations and Analyst Predictions

The government will obtain the latest draft from the independent fiscal watchdog, the OBR, on the start of the week, which will clarify how much scope there is for these actions.

The consensus from most analysts is that the Chancellor will have to introduce higher taxes or budget cuts in order to fulfill her self-imposed fiscal targets.

Earlier on the same day, calculations suggested there was a £22 billion shortfall for the chancellor to resolve, which is at the lower end of projections.

"It is a shared task between the Bank of England and the administration to continue tackling some of the sources of inflation," Reeves told reporters in Washington, at the conferences of the IMF and global financial institution.

Revenue Pledges and International Issues

While much of the attention has been on probable tax rises, the chancellor said the most recent figures from the fiscal watchdog had not altered her pledge to manifesto promises not to increase rates on income tax, VAT or social security contributions.

She blamed an "unpredictable global environment" with rising international and commercial tensions for the fiscal tax moves, probably to be directed on those "with the broadest shoulders."

International Economic Tensions

Addressing apprehensions about the United Kingdom's economic relations with China she said: "Our security interests invariably are paramount."

Last week's statement by China to strengthen trade restrictions on critical minerals and other materials that are key for advanced tech manufacturing led American leader Donald Trump to propose an extra 100% tariff on imports from the Asian country, raising the possibility of an all-out trade war between the two largest economies.

The American finance chief described the Chinese move "economic coercion" and "a international production power grab."

Questioned on accepting the American proposal to participate in its dispute with the Asian nation, Reeves said she was "very concerned" by Chinese actions and encouraged the Beijing authorities "not to put up barriers and limit trade."

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

"In my view there are sectors where we must challenge Chinese policies, but there are also significant chances to export to China's economy, including financial services and other areas of the economic system. We've got to get that balance right."

The chancellor also stated she was working with international partners "on our own essential resources strategy, so that we are more independent."

Health Service Drug Pricing and Funding

Reeves also recognized that the cost the National Health Service spends on pharmaceuticals could go up as a consequence of current negotiations with the US government and its pharmaceutical firms, in exchange for reduced taxes and capital.

Some of the world's largest drug companies have said recently that they are either delaying or abandoning investments in the United Kingdom, with some attributing the insufficient payments they are obtaining.

Last month, the government science advisor said the cost the NHS spends on medicines would must go up to halt firms and drug research funding departing from the United Kingdom.

Reeves told the BBC: "We have seen as a result of the pricing regime, that clinical trials, innovative medicines have not been offered in the United Kingdom in the way that they are in other European countries."

"The objective is to ensure that individuals getting treatment from the National Health Service are can receive the top critical medicines in the globe. And so we are examining all of that, and... seeking to secure more funding into the UK."