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Treasury head Reeves has stated she is planning "specific steps to tackle household expense pressures" in the forthcoming financial statement.

In comments to the BBC, she stated that reducing inflation is a joint task of both the administration and the central bank.

The UK's inflation rate is forecast to be the highest among the Group of Seven developed nations this year and the following year.

Potential Energy Cost Interventions

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

An additional option is to reduce some of the regulatory levies currently included in household expenses.

Fiscal Constraints and Expert Predictions

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

The expectation from the majority of analysts is that Reeves will have to declare tax rises or expenditure reductions in order to meet her self-imposed fiscal targets.

Previously on the same day, estimates suggested there was a £22bn gap for the Treasury chief to resolve, which is at the lower end of projections.

"It is a shared task between the central bank and the government to bear down further on some of the sources of inflation," the Chancellor told reporters in Washington, at the conferences of the International Monetary Fund and global financial institution.

Revenue Commitments and Global Issues

While a great deal of the focus has been on expected tax increases, the chancellor said the latest data from the fiscal watchdog had not altered her vow to election pledges not to raise tax levels on earnings tax, sales tax or social security contributions.

She attributed an "uncertain global environment" with rising geopolitical and trade concerns for the fiscal revenue measures, likely to be focused on those "with the broadest shoulders."

International Economic Tensions

Commenting on concerns about the UK's commercial links with the Asian nation she said: "Our security interests always come first."

Last week's statement by China to tighten export controls on rare earths and other resources that are essential for high-technology manufacturing led American leader Donald Trump to threaten an extra 100% tariff on goods from the Asian country, raising the risk of an all-out commercial conflict between the two global powers.

The US Treasury Secretary called the Chinese decision "economic coercion" and "a international production power grab."

Inquired about accepting the American proposal to join its conflict with China, the Chancellor said she was "extremely troubled" by Chinese measures and called on the Chinese government "not to put up barriers and limit trade."

She said the action was "harmful for the international commerce and generates further obstacles."

"In my view there are fields where we should confront Chinese policies, but there are also valuable chances to export to Chinese markets, including financial services and other areas of the economic system. We've got to get that equilibrium correct."

The Treasury chief also affirmed she was working with other major economies "on our own essential resources strategy, so that we are reduced dependence."

NHS Medicine Pricing and Funding

The Chancellor also recognized that the cost the National Health Service pays for medicines could go up as a result of current discussions with the US government and its pharmaceutical firms, in exchange for reduced taxes and capital.

Some of the biggest global pharmaceutical manufacturers have said in recent statements that they are either halting or canceling operations in the UK, with some attributing the insufficient payments they are getting.

Recently, the Science Minister said the price the NHS spends on drugs would have to increase to stop companies and drug research funding departing from the UK.

Reeves stated to the BBC: "It has been observed due to the cost structure, that medical research, recent pharmaceuticals have not been provided in the United Kingdom in the manner that they are in other European countries."

"We want to ensure that patients getting care from the National Health Service are able to obtain the best life-saving drugs in the globe. And so we are reviewing this situation, and... looking to secure increased investment into the UK."