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What is the Mansion House speech – and what could be announced?

Pabio November 13, 2024

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

The speech, which should contain pension reforms, follows the beginnings of Reeves Fall budget last month.

This will be an opportunity for the Chancellor to set out how the Labor government intends to develop the economy.

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

Any announcement could impact both businesses and consumers.

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

What is a speech at Mansion House?

The Mansion House Address is an annual speech given by the current Chancellor. Last year, Jeremy Hunt gave his speech on July 10.

The speech takes place at Manor in London, which is the official residence of the Lord Mayor of the City of London.

It is often used to outline future plans for the sector and is closely watched for clues about the government’s next steps on regulation.

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

What time is the Mansion House speech?

The Mansion House speech will take place on the evening of Thursday, November 14. It will be presented to a room full of high-ranking bankers and business leaders at the annual Financial and Professional Services Dinner.

Andrew Bailey, the governor of Bank of Englandwill also deliver a speech at the event, at 9 p.m.

What should Reeves announce in the Mansion House speech?

The chancellor is expected to unveil pension reforms, which could unlock a wave of cash into British businesses.

Labor has already pledged to increase pension fund investment in UK assets, potentially in infrastructure and private equity. The idea is that if these assets generate healthy returns, it could benefit retirement savers and boost the UK economy.

A Treasury spokesperson told City AM that Rachel Reeves He will outline the “next steps for pension reform” at Mansion House to “unlock more private investment to fuel the government’s growth mission”.

At the heart of this reform will likely be a move to consolidate local authority pension schemes into larger capital reserves.

The speech will reveal what Reeves and the pensions minister Emma Reynolds worked on revising their pension.

This is likely to be a continuation of moves by Hunt, who last summer outlined the Mansion House reforms, designed to channel pension cash into Britain’s workforce and start-ups.

Lisa Picardo, PensionBee’s UK commercial director, says it is unclear whether the government will encourage pension funds to invest in a certain way or whether it will be mandatory.

“Infrastructure and other private market assets are often too illiquid and poorly understood. While this may be well-intentioned, there are serious concerns that it could lead to a poorer situation. retirement results for savers,” she comments.

The chancellor is also expected to highlight opportunities with other countries. These could include partnerships with economies in Europe, the Middle East, Asia and the United States.

Reeves is also expected to publish letters redefining the remit of the two financial regulators, the Financial Conduct Authority and the Prudential Regulator Authority, at the time of the speech.