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Treasury head Rachel Reeves has stated she is preparing "focused steps to tackle household expense challenges" in the upcoming Budget.

During an interview with media outlets, she noted that curbing price rises is a joint task of both the administration and the Bank of England.

The UK's inflation rate is projected to be the highest among the G7 developed nations this year and the following year.

Possible Utility Bill Measures

It is understood the government could intervene to lower utility costs, such as by reducing the present 5% level of value-added tax charged on energy supplies.

Another option is to reduce some of the regulatory levies presently included in household expenses.

Budgetary Limitations and Analyst Expectations

The administration will obtain the latest draft from the independent fiscal watchdog, the OBR, on Monday, which will show how much room there is for such measures.

The view from most analysts is that the Chancellor will have to announce higher taxes or spending cuts in order to meet her self-imposed debt limits.

Previously on the same day, calculations suggested there was a £22bn deficit for the Treasury chief to address, which is at the more modest range of forecasts.

"It is a collective responsibility between the central bank and the government to bear down further on some of the sources of price increases," the Chancellor informed reporters in Washington, at the annual meetings of the IMF and global financial institution.

Revenue Pledges and Global Concerns

While much of the attention has been on expected tax rises, the Treasury chief said the most recent information from the fiscal watchdog had not altered her pledge to election pledges not to increase rates on income tax, VAT or National Insurance.

She blamed an "uncertain world" with growing geopolitical and trade issues for the Budget revenue measures, probably to be focused on those "wealthiest."

Global Trade Disputes

Addressing worries about the United Kingdom's trade ties with the Asian nation she said: "The UK's national security invariably take priority."

Last week's declaration by Chinese authorities to increase trade restrictions on rare earths and other materials that are crucial for advanced tech production led American leader the US President to threaten an extra 100% import tax on imports from the Asian country, raising the possibility of an full-scale trade war between the two global powers.

The American finance chief labeled China's decision "commercial pressure" and "a global supply chain power grab."

Questioned on considering the US offer to participate in its battle with the Asian nation, the Chancellor said she was "deeply worried" by China's actions and encouraged the Chinese government "not to put up barriers and restrict access."

She said the action was "bad for the global economy and causes further headwinds."

"In my view there are fields where we must challenge China, but there are also significant prospects to sell into Chinese markets, including banking sector and other sectors of the economy. We've got to achieve that balance correct."

The chancellor also confirmed she was cooperating with international partners "regarding our own essential resources plan, so that we are reduced dependence."

NHS Medicine Costs and Funding

Reeves also admitted that the cost the NHS spends on drugs could rise as a result of ongoing negotiations with the US government and its drugs companies, in exchange for reduced taxes and capital.

A number of the world's largest pharmaceutical manufacturers have said in recent statements that they are either pausing or abandoning operations in the United Kingdom, with several attributing the low prices they are obtaining.

Recently, the government science advisor said the cost the health service pays for medicines would have to rise to prevent companies and drug research funding leaving the UK.

Reeves stated to the BBC: "It has been observed because of the payment system, that clinical trials, new drugs have not been provided in the UK in the manner that they are in other EU nations."

"Our aim is to ensure that patients getting treatment from the NHS are can receive the finest life-saving medicines in the globe. And so we are reviewing all of that, and... seeking to secure additional capital into the UK."