What’s the talk at the Mansion House – and what might be announced?

Chancellor Rachel Reeves will make her first speech at Mansion House in the City of London this week.

The speech that is expected to be included pension Reforms, follows Reeves’ debut Fall budget last month.

It will be an opportunity for the Chancellor to set out how the Labor government wants to grow the economy.

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The Treasury said the address at Mansion House would “set out how we will support our world-leading financial services sector to grow, drive innovation and finance growth across the country”.

Any announcements could impact both businesses and consumers.

We look at what a Mansion House speech is, how long the Mansion House speech lasts, what Rachel Reeves could announce and how this could affect the pound in your pocket.

What is a speech at the Mansion House?

The Mansion House speech is an annual address given by the incumbent Chancellor. Last year Jeremy Hunt gave his speech on July 10th.

The speech takes place Mansion in London, the official residence of the Lord Mayor of the City of London.

It is often used to outline future plans for the industry and is closely watched for guidance on the government’s next steps in regulation.

The Treasury said of Reeves’ speech: “Mansion House will be built on the International Investment Summit (last month) to boost investment and show what the UK has to offer.”

When does the Mansion House speech take place?

The Mansion House speech will take place on the evening of Thursday, November 14th. It is presented at the annual Financial and Professional Services Dinner to a room full of senior bankers and corporate executives.

Andrew Bailey, the governor of the Bank of England, will also speak at the event at 9 p.m.

What is Reeves expected to announce in the Mansion House speech?

The Chancellor is expected to unveil pension reforms that could trigger a wave of money into British companies.

Labor has already pledged to increase pension funds’ investment in UK assets, possibly in infrastructure and private equity. The idea is that if these assets generate healthy returns, this could benefit pension savers and provide a boost to the UK economy.

A spokesperson for the Ministry of Finance told City AM Rachel Reeves will set out the “next steps for pension reform” at Mansion House to “unlock more private investment to drive the Government’s growth mission”.

This reform is likely to focus on consolidating local government pension systems into larger pools of capital.

The speech will show what Reeves and the pensions minister are doing Emma Reynolds have been working on their pension review.

It is likely to be a continuation of moves by Hunt, who unveiled Mansion House reforms last summer aimed at funneling pension money into UK assets and start-ups.

Lisa Picardo, chief business officer UK at PensionBee, says it is not clear whether the government will encourage pension funds to make a particular type of investment or whether it will be mandatory.

“Infrastructure and other private market assets are often too illiquid and not well enough understood. While it may be well-intentioned, there are serious concerns that it could lead to poorer retirement outcomes for savers,” she comments.

The Chancellor is also expected to highlight opportunities with other countries. This could include partnerships with economies in Europe, the Middle East, Asia and the US.

Reeves is also expected to release letters around the time of the speech redefining the roles of the two financial regulators, the Financial Conduct Authority and the Prudential Regulation Authority.