What is the Mansion House speech - and why does it matter to you?

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

The speech, which is expected to contain pension reforms, follows Reeves’s debut Autumn Budget last month.

It will be an opportunity for the chancellor to outline how the Labour government intends to grow the economy.

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

Any announcements could impact both businesses and consumers.

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

What is a Mansion House speech?

The Mansion House speech is an annual address given by the current chancellor. Last year, Jeremy Hunt delivered his speech on 10 July.

The speech takes place at Mansion House in London, which is the official residence of the City of London’s Lord Mayor.

It is often used to sketch out future plans for the industry and is closely watched for clues on the government's next steps on regulation.

The Treasury said about Reeves’s speech: "Mansion House will build on the International Investment Summit [last month] to drive up investment and show what the UK has to offer."

What time is the Mansion House speech?

The Mansion House speech will take place in the evening on Thursday, 14 November. It will be delivered to a room full of senior bankers and company bosses at the Annual Financial and Professional Services Dinner.

Andrew Bailey, the governor of the Bank of England, will also give a speech at the event, at 9pm.

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

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

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

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

At the heart of that reform is likely to be a move toward consolidating local government pension schemes into larger pots of capital.

The speech will reveal what Reeves and pensions minister Emma Reynolds have been working on with their pension review.

It is likely to be a continuation of the steps taken by Hunt, who last summer laid out the Mansion House reforms, designed to funnel pension cash into UK assets and start-ups.

Lisa Picardo, chief business officer UK of PensionBee, says that it’s not clear 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 not well enough understood. Whilst 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. These could include partnerships with economies in Europe, the Middle East, Asia and the US.

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