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Treasury head Rachel Reeves has revealed she is preparing "specific steps to tackle household expense pressures" in the forthcoming Budget.

During an interview with media outlets, she stated that reducing price rises is a shared task of both the government and the central bank.

The United Kingdom's price growth is forecast to be the highest among the Group of Seven developed nations this year and the following year.

Potential Energy Bill Measures

It is understood the government could intervene to lower energy bills, for example by cutting the current 5% level of value-added tax applied on energy supplies.

Another option is to reduce some of the policy costs currently included in bills.

Budgetary Limitations and Expert Predictions

The administration will receive the latest report from the independent fiscal watchdog, the OBR, on Monday, which will reveal how much scope there is for these measures.

The expectation from most experts is that Reeves will have to announce tax rises or budget cuts in order to meet her self-imposed debt limits.

Earlier on Thursday, estimates suggested there was a £22 billion deficit for the Treasury chief to resolve, which is at the more modest range of expectations.

"There's a shared task between the central bank and the government to continue tackling some of the sources of price increases," Reeves informed the BBC in Washington, at the yearly gatherings of the IMF and World Bank.

Revenue Commitments and International Concerns

While much of the attention has been on expected tax increases, the Treasury chief said the latest information from the fiscal watchdog had not altered her vow to campaign commitments not to increase tax levels on earnings tax, VAT or National Insurance.

She blamed an "unpredictable global environment" with increasing international and commercial concerns for the fiscal tax moves, likely to be focused on those "wealthiest."

Global Trade Disputes

Referring to apprehensions about the United Kingdom's trade ties with the Asian nation she said: "The UK's national security invariably are paramount."

Last week's announcement by China to tighten trade restrictions on critical minerals and other resources that are key for advanced tech production led American leader Donald Trump to propose an additional 100% tariff on goods from the Asian country, raising the prospect of an all-out commercial conflict between the two largest economies.

The American finance chief labeled China's decision "commercial pressure" and "a global supply chain control attempt."

Questioned on considering the American proposal to join its dispute with the Asian nation, the Chancellor said she was "extremely troubled" by Chinese measures and urged the Beijing authorities "not to put up barriers and restrict access."

She said the move was "harmful for the international commerce and causes additional challenges."

"I believe there are fields where we need to challenge China, but there are also significant opportunities to sell into China's economy, including financial services and other sectors of the economy. We've got to maintain that equilibrium right."

The chancellor also stated she was collaborating with G7 counterparts "on our own essential resources plan, so that we are reduced dependence."

NHS Medicine Costs and Investment

Reeves also recognized that the price the National Health Service pays for drugs could go up as a consequence of ongoing negotiations with the Trump administration and its pharmaceutical firms, in exchange for lower tariffs and funding.

Some of the world's largest pharmaceutical manufacturers have said lately that they are either halting or scrapping projects in the UK, with some attributing the modest returns they are getting.

Recently, the government science advisor said the cost the health service pays for drugs would need to increase to halt firms and drug research funding leaving the UK.

Reeves informed media: "It has been observed because of the payment system, that clinical trials, innovative medicines have not been offered in the UK in the extent that they are in other continental states."

"We want to guarantee that patients receiving care from the National Health Service are can obtain the best life-saving treatments in the world. And so we are looking at all of that, and... aiming to obtain additional investment into the UK."