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Chancellor Rachel Reeves has announced she is planning "focused steps to deal with household expense pressures" in next month's Budget.

Speaking to media outlets, she noted that lowering price rises is a joint duty of both the administration and the Bank of England.

The UK's price growth is forecast to be the most elevated among the G7 developed nations this year and the following year.

Potential Energy Bill Interventions

Reports indicate the administration could take action to reduce energy bills, for instance by reducing the current 5% level of value-added tax charged on energy.

An additional approach is to lower some of the regulatory levies presently added to bills.

Fiscal Limitations and Analyst Predictions

The government will receive the next draft from the independent fiscal watchdog, the OBR, on Monday, which will show how much scope there is for such actions.

The consensus from the majority of analysts is that the Chancellor will have to declare higher taxes or spending cuts in order to meet her voluntary debt limits.

Previously on Thursday, analysis indicated there was a £22 billion shortfall for the Treasury chief to fill, which is at the more modest range of forecasts.

"It is a shared responsibility between the central bank and the administration to continue tackling some of the sources of price increases," Reeves told the BBC in the US capital, at the annual meetings of the International Monetary Fund and global financial institution.

Tax Pledges and Global Concerns

While much of the focus has been on likely tax rises, the Treasury chief said the latest information from the fiscal watchdog had not changed her vow to election pledges not to raise rates on earnings tax, sales tax or social security contributions.

She blamed an "uncertain world" with increasing geopolitical and commercial concerns for the Budget revenue measures, likely to be focused on those "most able to pay."

Global Trade Disputes

Referring to apprehensions about the United Kingdom's trade ties with China she said: "The UK's national security invariably come first."

Last week's declaration by China to tighten export controls on critical minerals and other materials that are essential for high-technology production led American leader Donald Trump to threaten an extra 100% tariff on goods from the Asian country, increasing the risk of an full-scale commercial conflict between the two largest economies.

The US Treasury Secretary described the Chinese action "commercial pressure" and "a international production control attempt."

Questioned on considering the American proposal to participate in its conflict with the Asian nation, Reeves said she was "extremely troubled" by Chinese measures and urged the Beijing authorities "not to put up barriers and limit trade."

She said the move was "damaging for the world economy and causes additional challenges."

"In my view there are areas where we need to address Chinese policies, but there are also significant opportunities to sell into Chinese markets, including banking sector and other areas of the economy. We've got to achieve that equilibrium right."

The Treasury chief also stated she was collaborating with international partners "regarding our own essential resources approach, so that we are less reliant."

Health Service Drug Costs and Investment

The Chancellor also admitted that the cost the National Health Service pays for pharmaceuticals could increase as a consequence of current negotiations with the US government and its drugs companies, in return for lower tariffs and capital.

Some of the biggest global pharmaceutical manufacturers have said lately that they are either delaying or canceling investments in the UK, with some attributing the low prices they are receiving.

Last month, the government science advisor said the cost the NHS pays for drugs would must go up to prevent businesses and pharmaceutical investment leaving the UK.

Reeves told the BBC: "It has been observed as a result of the pricing regime, that clinical trials, new drugs have not been available in the United Kingdom in the manner that they are in other continental states."

"Our aim is to ensure that patients getting treatment from the National Health Service are able to obtain the finest essential treatments in the globe. And so we are reviewing this situation, and... looking to secure additional capital into Britain."