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

During an interview with media outlets, she noted that curbing inflation is a collective task of both the government and the Bank of England.

The UK's price growth is forecast to be the most elevated among the Group of Seven developed nations this year and the following year.

Potential Utility Bill Measures

Reports indicate the government could take action to bring down utility costs, such as by slashing the current 5% rate of value-added tax charged on energy supplies.

Another possibility is to cut some of the government charges presently included in household expenses.

Budgetary Constraints and Analyst Expectations

The administration will receive the next assessment from the official forecaster, the Office for Budget Responsibility, on the start of the week, which will clarify how much room there is for such measures.

The expectation from most economists is that Reeves will have to announce higher taxes or expenditure reductions in order to meet her self-imposed borrowing rules.

Earlier on Thursday, calculations showed there was a twenty-two billion pound deficit for the Treasury chief to resolve, which is at the lower end of expectations.

"It is a shared task between the Bank of England and the government to continue tackling some of the drivers of price increases," Reeves informed the BBC in Washington, at the conferences of the International Monetary Fund and World Bank.

Revenue Commitments and Global Issues

While much of the focus has been on likely tax rises, the Treasury chief said the most recent figures from the fiscal watchdog had not altered her pledge to manifesto promises not to increase tax levels on income tax, VAT or social security contributions.

She blamed an "unpredictable world" with growing geopolitical and commercial issues for the fiscal tax moves, probably to be focused on those "with the broadest shoulders."

International Economic Tensions

Referring to concerns about the UK's trade ties with China she said: "Our security interests always come first."

Recent announcement by Chinese authorities to increase trade restrictions on critical minerals and other materials that are essential for high-technology manufacturing led American leader the US President to threaten an further 100% tariff on goods from the Asian country, raising the possibility of an all-out commercial conflict between the two global powers.

The US Treasury Secretary described China's decision "commercial pressure" and "a global supply chain control attempt."

Asked about accepting the US offer to join its battle with the Asian nation, Reeves said she was "extremely troubled" by Chinese actions and urged the Beijing authorities "not to put up barriers and limit trade."

She said the action was "damaging for the global economy and causes further headwinds."

"In my view there are fields where we must address China, but there are also significant opportunities to sell into Chinese markets, including financial services and other sectors of the economic system. We've got to maintain that equilibrium appropriate."

The Treasury chief also affirmed she was cooperating with G7 counterparts "on our own critical minerals plan, so that we are more independent."

NHS Drug Costs and Funding

Reeves also admitted that the price the National Health Service spends on pharmaceuticals could increase as a consequence of current discussions with the US government and its drugs companies, in return for reduced taxes and funding.

Some of the biggest global drug companies have said lately that they are either pausing or abandoning operations in the UK, with some blaming the insufficient payments they are getting.

Last month, the government science advisor said the cost the health service spends on drugs would need to go up to stop firms and pharmaceutical investment departing from the UK.

The Chancellor stated to the BBC: "It has been observed due to the payment system, that clinical trials, recent pharmaceuticals have not been available in the UK in the extent that they are in other continental states."

"The objective is to guarantee that individuals receiving care from the National Health Service are can access the finest life-saving drugs in the world. And so we are examining all of that, and... aiming to obtain more funding into Britain."