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Treasury head Rachel Reeves has revealed she is preparing "specific measures to tackle household expense issues" in the upcoming Budget.

Speaking to the BBC, she noted that curbing inflation is a joint task of both the administration and the central bank.

The United Kingdom's price growth is expected to be the highest among the G7 developed nations this year and the following year.

Possible Energy Bill Measures

Sources suggest the administration could take action to bring down utility costs, for instance by slashing the present 5% rate of value-added tax applied on energy supplies.

A further possibility is to lower some of the policy costs presently included in household expenses.

Budgetary Limitations and Expert Expectations

The administration will receive the latest report from the independent fiscal watchdog, the Office for Budget Responsibility, on the start of the week, which will show how much room there is for such actions.

The view from the majority of analysts is that Reeves will have to declare tax increases or spending cuts in order to fulfill her declared fiscal targets.

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

"It is a joint responsibility between the central bank and the government to further reduce some of the causes of price increases," Reeves informed the BBC in Washington, at the yearly gatherings of the International Monetary Fund and World Bank.

Tax Commitments and Global Concerns

While a great deal of the attention has been on likely tax increases, the Treasury chief said the latest information from the OBR had not altered her commitment to campaign commitments not to raise tax levels on income tax, VAT or social security contributions.

She blamed an "unpredictable world" with growing international and commercial issues for the fiscal revenue measures, likely to be directed on those "with the broadest shoulders."

International Trade Disputes

Addressing worries about the United Kingdom's commercial links with the Asian nation 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 crucial for high-technology manufacturing led American leader the US President to suggest an further 100% import tax on imports from China, raising the possibility of an all-out trade war between the two largest economies.

The US Treasury Secretary described China's decision "commercial pressure" and "a international production power grab."

Questioned on accepting the American proposal to join its dispute with China, the Chancellor said she was "very concerned" by Chinese measures and encouraged the Beijing authorities "not to put up barriers and restrict access."

She said the decision was "damaging for the international commerce and causes additional challenges."

"I believe there are sectors where we should confront Chinese policies, but there are also valuable opportunities to export to China's economy, including banking sector and other areas of the economic system. We've got to achieve that balance appropriate."

The chancellor also stated she was collaborating with international partners "on our own critical minerals approach, so that we are more independent."

Health Service Medicine Costs and Funding

Reeves also acknowledged that the price the National Health Service pays for drugs could increase as a result of ongoing talks with the Trump administration and its drugs companies, in exchange for lower tariffs and capital.

Some of the biggest global drug companies have said in recent statements that they are either pausing or scrapping investments in the UK, with some attributing the low prices they are obtaining.

Last month, the Science Minister said the cost the NHS spends on drugs would need to rise to halt businesses and pharmaceutical investment leaving the United Kingdom.

The Chancellor told the BBC: "We have seen as a result of the cost structure, that drug testing, recent pharmaceuticals have not been provided in the United Kingdom in the extent that they are in other continental states."

"The objective is to ensure that people receiving treatment from the NHS are able to access the finest essential medicines in the globe. And so we are looking at these issues, and... seeking to secure additional capital into Britain."