Marcus Ashworth, Columnist

Reeves Spins Her Wheels With Blockchain Gilts

Tinkering in the backwater of bond settlement will cut no ice with the City of London.

November 13, 2024 at 5:00 AM UTC

Marcus Ashworth is a Bloomberg Opinion columnist covering European markets. Previously, he was chief markets strategist for Haitong Securities in London.

Rachel Reeves, poses with the red Budget Box as she leaves 11 Downing Street to present the government's annual budget to Parliament on October 30, 2024. — Rachel Reeves, poses with the red Budget Box as she leaves 11 Downing Street to present the government's annual budget to Parliament on October 30, 2024.
Photographer: Leon Neal/Getty Images Europe

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Chancellor of the Exchequer Rachel Reeves has her first serious opportunity on Thursday to show the City of London that the new Labour government will effect positive change for the finance industry.

Initial noises about her speech at the Mansion House are underwhelming. The three pillars will be pension reform, activating inactive workers and strengthening the new industrial strategy — thin gruel apart, perhaps, from smashing together local government pension funds to better fund net zero infrastructure ambitions.