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Treasury head Reeves has revealed she is preparing "focused action to tackle household expense pressures" in next month's Budget.

Speaking to the BBC, she noted that curbing price rises is a shared duty of both the administration and the central bank.

The UK's price growth is projected to be the highest among the Group of Seven advanced economies this calendar year and next.

Possible Utility Bill Measures

It is understood the government could intervene to lower energy bills, for instance by cutting the current 5% rate of VAT applied on energy.

An additional approach is to cut some of the regulatory levies currently included in bills.

Budgetary Limitations and Expert Expectations

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

The view from the majority of experts is that the Chancellor will have to introduce tax rises or budget cuts in order to fulfill her declared fiscal targets.

Previously on the same day, analysis showed there was a twenty-two billion pound deficit for the Treasury chief to fill, which is at the more modest range of expectations.

"There's a shared task between the central bank and the administration to further reduce some of the sources of inflation," Reeves stated to reporters in the US capital, at the conferences of the International Monetary Fund and global financial institution.

Tax Pledges and International Concerns

While a great deal of the focus has been on likely tax increases, the Treasury chief said the most recent figures from the fiscal watchdog had not altered her commitment to campaign commitments not to increase rates on income tax, VAT or National Insurance.

She blamed an "uncertain global environment" with growing geopolitical and commercial concerns for the fiscal tax moves, probably to be focused on those "most able to pay."

Global Economic Tensions

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

Recent declaration by Chinese authorities to tighten trade restrictions on rare earths and other resources that are key for high-technology manufacturing led American leader Donald Trump to propose an extra 100% import tax on imports from China, increasing the possibility of an full-scale trade war between the two global powers.

The US Treasury Secretary called the Chinese decision "economic coercion" and "a global supply chain control attempt."

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

She said the action was "damaging for the global economy and causes additional challenges."

"It is my opinion there are areas where we must challenge Chinese policies, but there are also valuable opportunities to export to Chinese markets, including financial services and other sectors of the economic system. We've got to maintain that equilibrium correct."

The Treasury chief also stated she was collaborating with other major economies "on our own essential resources approach, so that we are less reliant."

NHS Medicine Costs and Investment

Reeves also admitted that the price the National Health Service pays for pharmaceuticals could increase as a result of current talks with the Trump administration and its drugs companies, in exchange for reduced taxes and funding.

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

Recently, the Science Minister said the cost the NHS spends on drugs would have to rise to prevent companies and pharmaceutical investment departing from the UK.

Reeves informed media: "It has been observed as a result of the cost structure, that clinical trials, recent pharmaceuticals have not been provided in the United Kingdom in the manner that they are in other continental states."

"The objective is to guarantee that people receiving treatment from the National Health Service are can receive the finest essential treatments in the world. And so we are looking at this situation, and... aiming to obtain increased investment into the UK."