Chancellor Rachel Reeves has stated she is preparing "specific action to tackle household expense pressures" in next month's financial statement.
In comments to media outlets, she emphasized that curbing inflation is a shared responsibility of both the administration and the Bank of England.
The United Kingdom's inflation rate is expected to be the highest among the G7 advanced economies this calendar year and next.
Possible Utility Bill Interventions
It is understood the administration could intervene to lower utility costs, for instance by cutting the current 5% level of value-added tax charged on energy supplies.
A further approach is to reduce some of the policy costs currently included in bills.
Budgetary Constraints and Analyst Expectations
The government will obtain the latest draft from the official forecaster, the Office for Budget Responsibility, on Monday, which will reveal how much room there is for these actions.
The expectation from the majority of experts is that Reeves will have to announce tax rises or budget cuts in order to fulfill her voluntary debt limits.
Earlier on the same day, estimates showed there was a £22bn deficit for the Treasury chief to address, which is at the more modest range of projections.
"There's a joint responsibility between the Bank of England and the government to bear down further on some of the sources of inflation," Reeves informed the BBC in the US capital, at the yearly gatherings of the IMF and World Bank.
Revenue Pledges and International Issues
While a great deal of the attention has been on likely tax increases, the chancellor 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 attributed an "unpredictable world" with growing international and commercial issues for the Budget tax moves, likely to be focused on those "with the broadest shoulders."
International Trade Tensions
Addressing apprehensions about the UK's trade ties with the Asian nation she said: "The UK's national security always are paramount."
Last week's declaration by China to tighten trade restrictions on rare earths and other resources that are key for advanced tech manufacturing led American leader Donald Trump to threaten an extra 100% tariff on goods from the Asian country, raising the prospect of an full-scale trade war between the two largest economies.
The American finance chief described China's move "commercial pressure" and "a international production power grab."
Inquired about considering the US offer to participate in its battle with China, Reeves said she was "very concerned" by China's actions and urged the Chinese government "not to put up barriers and restrict access."
She said the decision was "bad for the international commerce and causes further challenges."
"In my view there are sectors where we need to challenge China, but there are also valuable chances to export to China's economy, including financial services and other sectors of the economy. We've got to maintain that balance right."
The chancellor also stated she was collaborating with G7 counterparts "on our own critical minerals plan, so that we are less reliant."
Health Service Medicine Costs and Investment
The Chancellor also acknowledged that the price the NHS pays for pharmaceuticals could go up as a consequence of ongoing negotiations with the US government and its drugs companies, in exchange for reduced taxes and funding.
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 blaming the insufficient payments they are getting.
Recently, the Science Minister said the price the NHS pays for medicines would have to increase to stop companies and drug research funding leaving the UK.
The Chancellor informed the BBC: "We have seen due to the pricing regime, that clinical trials, innovative medicines have not been offered in the UK in the extent that they are in other EU nations."
"We want to ensure that individuals getting treatment from the NHS are can access the top life-saving drugs in the world. And so we are looking at these issues, and... looking to secure more investment into the UK."
