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Treasury head Reeves has stated she is preparing "specific steps to tackle cost of living pressures" in the forthcoming financial statement.

In comments to the BBC, she emphasized that curbing inflation is a joint task of both the government and the central bank.

The United Kingdom's price growth is projected to be the most elevated among the G7 advanced economies this calendar year and the following year.

Potential Energy Cost Interventions

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

Another approach is to reduce some of the policy costs currently added to household expenses.

Fiscal Limitations and Analyst Predictions

The government will receive the latest assessment from the independent fiscal watchdog, the OBR, on Monday, which will show how much space there is for such measures.

The expectation from the majority of experts is that Reeves will have to declare tax increases or spending cuts in order to meet her declared borrowing rules.

Previously on the same day, calculations indicated there was a £22 billion deficit for the Treasury chief to resolve, which is at the lower end of forecasts.

"It is a collective responsibility between the central bank and the administration to bear down further on some of the causes of inflation," the Chancellor stated to the BBC in the US capital, at the conferences of the International Monetary Fund and World Bank.

Tax Pledges and International Concerns

While much of the attention has been on likely tax rises, the Treasury chief said the latest data from the fiscal watchdog had not altered her commitment to election pledges not to increase tax levels on income tax, sales tax or National Insurance.

She attributed an "uncertain world" with rising international and commercial tensions for the fiscal revenue measures, likely to be focused on those "wealthiest."

Global Economic Tensions

Addressing worries about the UK's economic relations with China she said: "Our national security always are paramount."

Recent statement by China to strengthen trade restrictions on critical minerals and other resources that are essential for high-technology manufacturing led American leader Donald Trump to propose an further 100% tariff on goods from the Asian country, increasing the prospect of an full-scale commercial conflict between the two largest economies.

The American finance chief called the Chinese action "economic coercion" and "a global supply chain power grab."

Questioned on considering the US offer to participate in its conflict with the Asian nation, Reeves said she was "extremely troubled" by Chinese actions and called on the Beijing authorities "not to put up barriers and limit trade."

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

"I believe there are sectors where we should challenge Chinese policies, but there are also significant opportunities to trade with China's economy, including financial services and other areas of the economy. We've got to maintain that balance correct."

The Treasury chief also stated she was cooperating with G7 counterparts "on our own critical minerals approach, so that we are reduced dependence."

Health Service Drug Costs and Funding

The Chancellor also admitted that the price the National Health Service pays for medicines could increase as a consequence of ongoing discussions with the US government and its drugs companies, in return for lower tariffs and capital.

Some of the world's largest drug companies have said in recent statements that they are either delaying or scrapping investments in the UK, with several blaming the low prices they are receiving.

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

Reeves told media: "We have seen because of the pricing regime, that clinical trials, recent pharmaceuticals have not been provided in the UK in the manner that they are in other European countries."

"The objective is to guarantee that people getting treatment from the National Health Service are able to obtain the best life-saving medicines in the globe. And so we are looking at all of that, and... looking to attract increased capital into the UK."