The Chancellor’s annual Mansion House address, widely expected to be her final appearance in the role, has drawn a mixed response from the business and investment community. Rather than unveiling new policy initiatives, the Chancellor opted to review the progress of reforms introduced over the past two years.

For business groups, the tone was received positively. Rain Newton-Smith, CBI Chief Executive, said:

“One year on from the launch of the Financial Services Growth and Competitiveness Strategy and the introduction of the Leeds Reforms, the Chancellor’s Mansion House speech struck the right tone – reassuring financial markets, global investors and businesses of the UK’s commitment to investment, innovation and growth.

“The priority now is to continue the translation of those reforms into practical changes that strengthen the financial services sector and support firms across the wider economy that rely on it.

“The recently announced package to support SMEs was welcome and will help more businesses to scale, export and adopt new technologies here in the UK. That investment should pay dividends by boosting productivity, strengthening local economies and supporting long-term growth.

“The next step is delivery across key reform programmes, including reform of the Financial Ombudsman Service, pensions reform and streamlining the Senior Managers and Certification Regime. The key measure of success will be whether these changes can unlock further domestic investment, help ambitious firms to scale and grow, deepen UK capital markets and make regulation clearer, faster and more predictable.”

Others expressed concern that the lack of new announcements signal a loss of momentum regarding retail investment reform. Andrew Prosser, Head of Investments at InvestEngine, said:

“In last year’s Mansion House speech, the Chancellor unveiled the Leeds Reforms, a wide-ranging package aimed at driving economic growth and encouraging greater retail investment. The UK's investment culture still has room to grow, and against this year’s speech, the lack of anything further on retail investment was notable.

“Beyond a short reference to turning Britain’s savers into investors through ISA changes and financial advice, there was little sense of momentum in these areas. This was a missed opportunity given that many questions over these reforms remain. Proposed changes to ISA allowances risk introducing unnecessary complexity. One of the ISA regime's greatest strengths has always been its simplicity, and these proposals have instead created uncertainty for both consumers and providers.”

Prosser also commented on the speech’s focus on the integration of artificial intelligence within financial services:

“Much of the speech instead focused on rapid advances in AI and it was encouraging to hear the Chancellor focus on how technology can strengthen the UK's financial services sector. AI is already helping many consumers improve their financial literacy and better understand how to manage their money, presenting significant opportunities to improve financial engagement.

“At the same time, it's essential that consumers continue to receive accurate, transparent and appropriate information, while financial services professionals are equipped to understand how these technologies are evolving and how customers are using them. Getting that balance right will be key to realising the benefits of AI without compromising consumer protections.”

Looking ahead, Prosser warned against further stalling on implementation:

“Whoever becomes Chancellor cannot afford to lose momentum. If the UK is serious about becoming a nation of investors, reforms now need to move from ambition to delivery. Keeping ISAs simple and accessible, while ensuring initiatives such as Invest for the Future reflect the breadth of today's investment market, will be essential to building long-term confidence in investing.

“Ultimately, building a nation of long-term investors won't happen through speeches alone. It will require stable policy, simple regulation and investment products that people understand, trust and can afford to use.”