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Treasury head Reeves has stated she is preparing "focused measures to deal with cost of living issues" in next month's financial statement.

In comments to media outlets, she stated that reducing price rises is a joint task of both the government and the central bank.

The UK's price growth is expected to be the highest among the G7 developed nations this calendar year and next.

Potential Energy Cost Interventions

Sources suggest the government could intervene to bring down utility costs, such as by slashing the present 5% rate of value-added tax applied on energy supplies.

Another option is to cut some of the government charges presently included in bills.

Fiscal Limitations and Expert Expectations

The administration will obtain the latest draft from the independent fiscal watchdog, the OBR, on the start of the week, which will show how much room there is for such measures.

The view from the majority of economists is that Reeves will have to introduce tax rises or spending cuts in order to fulfill her voluntary fiscal targets.

Previously on Thursday, calculations suggested there was a £22bn deficit for the Treasury chief to fill, which is at the more modest range of projections.

"It is a collective task between the central bank and the government to bear down further on some of the causes of price increases," Reeves informed the BBC in Washington, at the conferences of the International Monetary Fund and World Bank.

Tax Pledges and International Concerns

While a great deal of the focus has been on probable tax increases, the Treasury chief said the most recent figures from the fiscal watchdog had not altered her commitment to campaign commitments not to raise tax levels on income tax, sales tax or National Insurance.

She attributed an "unpredictable world" with rising international and trade issues for the Budget revenue measures, likely to be directed on those "with the broadest shoulders."

International Economic Tensions

Referring to worries about the UK's trade ties with the Asian nation she said: "The UK's security interests always come first."

Recent statement by Chinese authorities to strengthen trade restrictions on rare earths and other materials that are essential for high-technology manufacturing led American leader Donald Trump to suggest an further 100% import tax on imports from China, raising the risk of an full-scale commercial conflict between the two largest economies.

The American finance chief described China's action "economic coercion" and "a global supply chain power grab."

Asked about considering the American proposal to participate in its battle with the Asian nation, the Chancellor said she was "deeply worried" by Chinese measures and called on the Beijing authorities "not to put up barriers and limit trade."

She said the decision was "harmful for the world economy and causes additional headwinds."

"I believe there are areas where we need to confront China, but there are also significant opportunities to export to China's economy, including banking sector and other sectors of the economic system. We've got to maintain that equilibrium appropriate."

The chancellor also affirmed she was collaborating with international partners "regarding our own essential resources plan, so that we are reduced dependence."

NHS Medicine Pricing and Funding

The Chancellor also recognized that the price the National Health Service spends on medicines could go up as a consequence of current talks with the Trump administration and its pharmaceutical firms, in exchange for lower tariffs and funding.

Some of the world's largest drug companies have said lately that they are either halting or scrapping operations in the UK, with several blaming the modest returns they are obtaining.

Recently, the government science advisor said the cost the health service spends on drugs would have to rise to prevent companies and drug research funding departing from the UK.

Reeves stated to media: "It has been observed as a result 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."

"We want to ensure that patients receiving treatment from the National Health Service are can access the best essential medicines in the world. And so we are looking at this situation, and... looking to obtain additional funding into Britain."