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Treasury head Rachel Reeves has stated she is planning "targeted measures to address cost of living challenges" in next month's financial statement.

During an interview with the BBC, she noted that reducing inflation is a collective duty of both the administration and the central bank.

The United Kingdom's price growth is forecast to be the highest among the G7 advanced economies this calendar year and next.

Potential Energy Bill Interventions

It is understood the government could intervene to bring down energy bills, such as by cutting the current 5% level of VAT charged on energy supplies.

A further approach is to cut some of the government charges presently included in bills.

Budgetary Limitations and Expert Predictions

The administration will receive the next draft from the independent fiscal watchdog, the Office for Budget Responsibility, on the start of the week, which will reveal how much scope there is for such actions.

The view from most analysts is that the Chancellor will have to declare tax increases or expenditure reductions in order to fulfill her voluntary fiscal targets.

Earlier on Thursday, estimates suggested there was a twenty-two billion pound gap for the Treasury chief to address, which is at the lower end of expectations.

"There's a joint job between the Bank of England and the administration to continue tackling some of the sources of inflation," Reeves told reporters in the US capital, at the annual meetings of the International Monetary Fund and global financial institution.

Revenue Pledges and International Concerns

While a great deal of the attention has been on probable tax increases, the chancellor said the latest information from the OBR had not altered her vow to campaign commitments not to increase rates on income tax, sales tax or social security contributions.

She blamed an "uncertain global environment" with growing international and commercial tensions for the fiscal revenue measures, likely to be focused on those "wealthiest."

International Trade Disputes

Commenting on concerns about the United Kingdom's trade ties with China she said: "Our national security always are paramount."

Last week's announcement by Chinese authorities to increase export controls on critical minerals and other resources that are crucial for advanced tech production led American leader Donald Trump to suggest an extra 100% tariff on imports from the Asian country, increasing the possibility of an full-scale trade war between the two largest economies.

The American finance chief described the Chinese move "economic coercion" and "a global supply chain control attempt."

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

She said the action was "damaging for the global economy and generates additional obstacles."

"I believe there are fields where we need to confront China, but there are also significant chances to sell into Chinese markets, including banking sector and other areas of the economy. We've got to get that balance appropriate."

The Treasury chief also affirmed she was cooperating with other major economies "on our own essential resources strategy, so that we are more independent."

Health Service Medicine Costs and Investment

Reeves also admitted that the price the National Health Service spends on drugs could increase as a consequence of ongoing negotiations with the US government and its pharmaceutical firms, in exchange for reduced taxes and capital.

A number of the biggest global drug companies have said recently that they are either halting or abandoning operations in the UK, with several attributing the insufficient payments they are obtaining.

Last month, the Science Minister said the cost the health service spends on drugs would must go up to prevent businesses and pharmaceutical investment departing from the UK.

Reeves told media: "It has been observed as a result of the cost structure, that medical research, new drugs have not been provided in the United Kingdom in the extent that they are in other continental states."

"The objective is to guarantee that people receiving care from the NHS are can obtain the finest critical treatments in the globe. And so we are looking at all of that, and... looking to secure more investment into the UK."