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Chancellor Reeves has stated she is preparing "targeted steps to deal with cost of living issues" in next month's financial statement.

Speaking to the BBC, she noted that lowering inflation is a collective responsibility of both the government and the central bank.

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

Possible Energy Bill Measures

Sources suggest the administration could intervene to lower energy bills, such as by cutting the present 5% rate of VAT applied on energy.

Another possibility is to reduce some of the regulatory levies presently included in bills.

Budgetary Limitations and Expert Expectations

The administration will obtain the latest assessment from the independent fiscal watchdog, the Office for Budget Responsibility, on Monday, which will show how much space there is for these measures.

The expectation from the majority of economists is that the Chancellor will have to introduce tax increases or expenditure reductions in order to fulfill her self-imposed fiscal targets.

Earlier on Thursday, calculations suggested there was a £22bn gap for the Treasury chief to address, which is at the lower end of forecasts.

"There's a shared responsibility between the Bank of England and the administration to further reduce some of the sources of price increases," Reeves informed reporters in the US capital, at the conferences of the IMF and global financial institution.

Tax Commitments and International Concerns

While much of the attention has been on probable tax rises, the chancellor said the most recent figures from the OBR had not changed her pledge to manifesto promises not to increase tax levels on earnings tax, VAT or social security contributions.

She blamed an "unpredictable world" with growing international and commercial issues for the fiscal revenue measures, likely to be focused on those "wealthiest."

International Trade Tensions

Addressing apprehensions about the United Kingdom's economic relations with China she said: "Our security interests invariably are paramount."

Recent declaration by Chinese authorities to strengthen trade restrictions on rare earths and other materials that are key for advanced tech manufacturing led American leader the US President to threaten an additional 100% tariff on goods from China, increasing the prospect of an all-out commercial conflict between the two global powers.

The US Treasury Secretary called China's action "commercial pressure" and "a international production power grab."

Questioned on accepting the American proposal to join its battle with the Asian nation, Reeves said she was "extremely troubled" by Chinese actions and urged the Chinese government "not to put up barriers and limit trade."

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

"It is my opinion there are areas where we need to challenge Chinese policies, but there are also important opportunities to export to China's economy, including financial services and other sectors of the economic system. We've got to maintain that balance right."

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

NHS Medicine Costs and Investment

Reeves also admitted that the price the NHS spends on pharmaceuticals could go up as a result of ongoing negotiations with the US government and its pharmaceutical firms, in return for lower tariffs and capital.

A number of the world's largest drug companies have said in recent statements that they are either halting or abandoning operations in the United Kingdom, with several attributing the insufficient payments they are getting.

Last month, the government science advisor said the price the health service spends on medicines would need to go up to prevent businesses and pharmaceutical investment leaving the United Kingdom.

The Chancellor told the BBC: "We have seen due to the pricing regime, that clinical trials, innovative medicines have not been provided in the UK in the extent that they are in other EU nations."

"Our aim is to ensure that patients receiving treatment from the National Health Service are can obtain the top essential treatments in the world. And so we are examining this situation, and... aiming to obtain more funding into the UK."