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Chancellor Reeves has revealed she is planning "specific steps to deal with household expense issues" in next month's financial statement.

In comments to media outlets, she emphasized that reducing price rises is a collective duty of both the administration and the central bank.

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

Potential Energy Bill Measures

Sources suggest the government could take action to lower utility costs, for example by reducing the present 5% rate of VAT charged on energy.

A further option is to lower some of the regulatory levies currently added to household expenses.

Fiscal Constraints and Expert Expectations

The government will obtain the next assessment from the independent fiscal watchdog, the OBR, on Monday, which will reveal how much scope there is for such actions.

The consensus from most experts is that the Chancellor will have to introduce tax increases or budget cuts in order to adhere to her voluntary borrowing rules.

Previously on the same day, calculations indicated there was a £22 billion gap for the chancellor to resolve, which is at the lower end of projections.

"There's a collective responsibility between the central bank and the government to further reduce some of the causes of price increases," Reeves told the BBC in the US capital, at the yearly gatherings of the IMF and World Bank.

Tax Pledges and Global Concerns

While a great deal of the focus has been on expected tax increases, the Treasury chief said the most recent information from the fiscal watchdog had not changed her commitment to election pledges not to increase tax levels on earnings tax, sales tax or National Insurance.

She blamed an "uncertain world" with increasing international and commercial concerns for the Budget revenue measures, likely to be targeted on those "wealthiest."

Global Trade Disputes

Commenting on concerns about the United Kingdom's commercial links with China she said: "Our national security always take priority."

Recent statement by China to increase export controls on critical minerals and other resources that are essential for high-technology production led US President Donald Trump to threaten an further 100% import tax on goods from China, increasing the risk of an full-scale commercial conflict between the two largest economies.

The American finance chief called China's move "economic coercion" and "a global supply chain control attempt."

Asked about accepting the American proposal to participate in its dispute with China, Reeves said she was "very concerned" by China's measures and encouraged the Beijing authorities "to avoid restrictions and limit trade."

She said the action was "bad for the global economy and creates further challenges."

"I believe there are fields where we must address China, but there are also significant prospects to trade with China's economy, including financial services and other areas of the economy. We've got to maintain that equilibrium appropriate."

The Treasury chief also affirmed she was collaborating with G7 counterparts "regarding our own essential resources approach, so that we are more independent."

Health Service Medicine Pricing and Investment

The Chancellor also acknowledged that the cost the NHS spends on medicines could go up as a consequence of ongoing talks with the Trump administration and its drugs companies, in exchange for reduced taxes and investment.

Some of the biggest global drug companies have said lately that they are either delaying or scrapping operations in the UK, with some blaming the modest returns they are getting.

Last month, the government science advisor said the cost the health service pays for drugs would need to go up to stop firms and drug research funding departing from the United Kingdom.

The Chancellor told media: "It has been observed because of the payment system, that clinical trials, innovative medicines have not been available in the UK in the way that they are in other continental states."

"The objective is to guarantee that patients getting care from the National Health Service are able to obtain the finest essential drugs in the globe. And so we are looking at all of that, and... aiming to obtain more investment into the UK."