DEVELOPING: Rachel Reeves Unveils Targeted Budget Crackdown on Key Bills

BREAKING NEWS: Chancellor Rachel Reeves Unveils Targeted Budget Crackdown on Key Bills Chancellor Rachel Reeves has announced plans for "targeted action to deal with cost of living challenges" in next month's Budget, as the UK faces its highest inflation rate among G7 nations this year and next. Reeves confirmed that the government will intervene to bring down energy bills, possibly by cutting VAT on energy from 5% or reducing regulatory levies. The exact measures are yet to be revealed, but analysts expect tax rises or spending cuts to fill a £22bn gap in the Budget. The UK's inflation rate is forecast to soar, with the Office for Budget Responsibility set to release its next draft on Monday, providing crucial data for Reeves' decision-making process. Reeves emphasized that both the government and the Bank of England must work together to reduce inflation. The Chancellor's comments come as the Institute for Fiscal Studies warned of a significant funding gap in the upcoming Budget. This is a developing story, with further details expected in the coming days as Reeves finalizes her plans for next month's Budget. *This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Bbc.*