Mansion House Speech and Leeds Reforms

On 15 July 2025 the Chancellor delivered her second annual Mansion House speech, notably publishing the long-awaited Financial Services Growth and Competitiveness Strategy 2035 (the ‘Strategy’) as consulted on in November, alongside a swathe of accompanying reforms (the ‘Leeds Reforms’). These measures aim to “unleash the potential of the UK’s world leading financial services sector” and are part of a clear shift toward deregulation and opening up investment opportunities in the UK, to boost UK economic growth.

In this briefing we have summarised the reforms (as set out in the speech and the accompanying documents), what they mean for firms and when to expect change. You will find our take on the proposals, timing and what we think are the key issues that firms need to consider.

Pressed for time? Read our Quick Take. Or head straight to our full analysis if you have more time. Please get in touch for questions and support on this.