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Treasury head Reeves has stated she is preparing "focused measures to address household expense challenges" in the upcoming financial statement.

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

The UK's inflation rate is projected to be the highest among the Group of Seven industrialized countries this calendar year and the following year.

Possible Energy Cost Measures

It is understood the government could take action to reduce utility costs, such as by cutting the current 5% rate of value-added tax charged on energy.

Another possibility is to cut some of the regulatory levies currently added to household expenses.

Fiscal Constraints and Analyst Expectations

The administration will obtain the next assessment from the independent fiscal watchdog, the OBR, on Monday, which will clarify how much room there is for these actions.

The consensus from the majority of analysts is that Reeves will have to announce higher taxes or expenditure reductions in order to meet her self-imposed fiscal targets.

Previously on the same day, calculations indicated there was a £22 billion shortfall for the Treasury chief to resolve, which is at the more modest range of expectations.

"There's a joint responsibility between the Bank of England and the government to continue tackling some of the drivers of inflation," Reeves informed the BBC in the US capital, at the conferences of the IMF and World Bank.

Tax Commitments and International Concerns

While much of the focus has been on likely tax rises, the chancellor said the most recent information from the OBR had not altered her commitment to campaign commitments not to increase rates on earnings tax, sales tax or National Insurance.

She blamed an "unpredictable global environment" with rising international and commercial concerns for the fiscal tax moves, likely to be targeted on those "most able to pay."

Global Economic Tensions

Referring to concerns about the UK's trade ties with the Asian nation she said: "The UK's security interests always are paramount."

Recent statement by China to tighten export controls on critical minerals and other materials that are key for advanced tech manufacturing led US President Donald Trump to suggest an extra 100% tariff on imports from the Asian country, raising the prospect of an full-scale trade war between the two economic giants.

The American finance chief called the Chinese move "commercial pressure" and "a global supply chain control attempt."

Asked about accepting the American proposal to participate in its battle with the Asian nation, Reeves said she was "extremely troubled" by China's measures and urged the Beijing authorities "to avoid restrictions and limit trade."

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

"I believe there are areas where we must challenge Chinese policies, but there are also valuable prospects to trade with China's economy, including financial services and other sectors of the economy. We've got to achieve that equilibrium correct."

The Treasury chief also confirmed she was cooperating with other major economies "on our own essential resources plan, so that we are more independent."

NHS Drug Costs and Investment

Reeves also recognized that the price the NHS pays for medicines could increase as a result of current negotiations with the US government and its drugs companies, in return for reduced taxes and funding.

A number of the world's largest drug companies have said in recent statements that they are either halting or scrapping investments in the UK, with several attributing the insufficient payments they are receiving.

Recently, the government science advisor said the price the health service pays for medicines would must go up to prevent firms and pharmaceutical investment departing from the United Kingdom.

Reeves informed media: "We have seen as a result of the cost structure, that drug testing, innovative medicines have not been provided in the United Kingdom in the extent that they are in other EU nations."

"The objective is to make sure that individuals getting treatment from the NHS are can receive the best life-saving drugs in the world. And so we are examining these issues, and... looking to attract increased capital into the UK."