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Chancellor Reeves has stated she is planning "focused measures to tackle household expense challenges" in the upcoming financial statement.

In comments to the BBC, she noted that lowering price rises is a shared responsibility of both the administration and the Bank of England.

The UK's inflation rate is forecast to be the highest among the Group of Seven industrialized countries this year and next.

Potential Utility Bill Measures

Sources suggest the government could take action to reduce utility costs, for instance by slashing the present 5% rate of value-added tax charged on energy.

A further option is to reduce some of the government charges currently included in bills.

Budgetary Constraints and Expert Predictions

The government will receive the latest report from the official forecaster, the OBR, on Monday, which will reveal how much room there is for such measures.

The consensus from most economists is that the Chancellor will have to announce tax rises or expenditure reductions in order to fulfill her declared debt limits.

Earlier on Thursday, analysis suggested there was a £22bn shortfall for the Treasury chief to address, which is at the more modest range of expectations.

"There's a shared task between the Bank of England and the government to further reduce some of the sources of price increases," Reeves told reporters in Washington, at the annual meetings of the IMF and World Bank.

Tax Commitments and International Concerns

While much of the attention has been on probable tax rises, the chancellor said the most recent information from the OBR had not altered her vow to election pledges not to raise tax levels on income tax, sales tax or social security contributions.

She blamed an "unpredictable world" with rising geopolitical and commercial concerns for the Budget tax moves, probably to be directed on those "most able to pay."

Global Trade Disputes

Referring to apprehensions about the United Kingdom's economic relations with China she said: "Our security interests always take priority."

Recent statement by Chinese authorities to increase export controls on rare earths and other resources that are crucial for high-technology production led US President the US President to propose an additional 100% tariff on goods from China, raising the prospect of an full-scale trade war between the two global powers.

The American finance chief described the Chinese action "commercial pressure" and "a global supply chain control attempt."

Asked about accepting the American proposal to join its conflict with the Asian nation, the Chancellor said she was "extremely troubled" by Chinese actions and called on the Chinese government "to avoid restrictions and restrict access."

She said the move was "harmful for the international commerce and creates further headwinds."

"I believe there are areas where we need to confront China, but there are also valuable opportunities to sell into Chinese markets, including financial services and other areas of the economy. We've got to maintain that balance right."

The Treasury chief also confirmed she was working with other major economies "on our own essential resources plan, so that we are reduced dependence."

NHS Drug Costs and Investment

Reeves also admitted that the price the National Health Service spends on drugs could rise as a consequence of ongoing talks with the Trump administration and its drugs companies, in return for reduced taxes and capital.

Some of the biggest global drug companies have said recently that they are either pausing or abandoning projects in the United Kingdom, with some blaming the insufficient payments they are getting.

Recently, the government science advisor said the cost the NHS spends on medicines would must go up to prevent companies and pharmaceutical investment departing from the UK.

Reeves told media: "We have seen because of the payment system, that drug testing, recent pharmaceuticals have not been available in the UK in the way that they are in other European countries."

"The objective is to guarantee that individuals getting treatment from the National Health Service are can access the finest life-saving drugs in the world. And so we are reviewing this situation, and... seeking to obtain additional funding into the UK."