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Treasury head Reeves has stated she is planning "specific measures to address cost of living pressures" in next month's Budget.

In comments to the BBC, she noted that reducing price rises is a shared responsibility of both the administration and the central bank.

The UK's price growth is forecast to be the most elevated among the Group of Seven advanced economies this year and next.

Potential Utility Bill Interventions

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

Another approach is to lower some of the policy costs presently added to bills.

Budgetary Limitations and Expert Predictions

The government will obtain the latest draft from the independent fiscal watchdog, the Office for Budget Responsibility, on Monday, which will clarify how much space there is for these actions.

The expectation from most economists is that Reeves will have to declare tax increases or expenditure reductions in order to meet her voluntary fiscal targets.

Earlier on Thursday, analysis indicated there was a £22 billion shortfall for the chancellor to address, which is at the more modest range of projections.

"It is a joint job between the central bank and the administration to bear down further on some of the causes of price increases," the Chancellor stated to the BBC in Washington, at the annual meetings of the IMF and global financial institution.

Revenue Commitments and International Issues

While much of the focus has been on likely tax rises, the Treasury chief said the most recent information from the OBR had not changed her vow to campaign commitments not to raise tax levels on income tax, sales tax or National Insurance.

She attributed an "uncertain world" with increasing international and trade issues for the Budget tax moves, likely to be directed on those "with the broadest shoulders."

International Trade Disputes

Addressing concerns about the United Kingdom's trade ties with China she said: "Our security interests invariably are paramount."

Recent declaration by China to strengthen trade restrictions on critical minerals and other materials that are essential for high-technology production led US President Donald Trump to propose an further 100% import tax on goods from China, increasing the prospect of an all-out commercial conflict between the two economic giants.

The American finance chief described China's action "commercial pressure" and "a international production control attempt."

Questioned on accepting the American proposal to participate in its battle with China, the Chancellor said she was "deeply worried" by Chinese actions and urged the Beijing authorities "not to put up barriers and limit trade."

She said the decision was "bad for the world economy and generates additional challenges."

"It is my opinion there are sectors where we should confront Chinese policies, but there are also valuable prospects to export to Chinese markets, including banking sector and other sectors of the economy. We've got to maintain that balance right."

The chancellor also confirmed she was collaborating with other major economies "on our own critical minerals strategy, so that we are less reliant."

Health Service Medicine Costs and Funding

The Chancellor also admitted that the price the NHS pays for pharmaceuticals could rise as a consequence of current discussions with the US government and its drugs companies, in exchange for reduced taxes and capital.

A number of the biggest global pharmaceutical manufacturers have said lately that they are either halting or canceling investments in the United Kingdom, with some attributing the insufficient payments they are getting.

Recently, the government science advisor said the cost the health service pays for medicines would have to increase to stop firms and pharmaceutical investment leaving the UK.

The Chancellor informed media: "It has been observed because of the pricing regime, that clinical trials, innovative medicines have not been available in the UK in the manner that they are in other European countries."

"Our aim is to make sure that people getting care from the NHS are can receive the top life-saving medicines in the globe. And so we are looking at these issues, and... looking to attract increased capital into the UK."