UK Chancellor of the Exchequer Rachel Reeves will use her Mansion House speech on 15 July to launch a wide-ranging review of workplace pensions, the Financial Times and Reuters report. A new commission is expected to scrutinise auto-enrolment rates, the state pension and contributions made by the self-employed, with a view to bolstering long-term retirement adequacy. The policy push follows the government’s decision to scrap welfare cuts that were forecast to save about £5 billion. The climb-down exposed a gap in the public finances and briefly unsettled investors: ten-year gilt yields surged roughly 22 basis points to 4.68 percent on 3 July, while sterling lost more than 1 percent before recovering after Prime Minister Keir Starmer publicly reaffirmed his confidence in Reeves. Treasury officials and independent economists warn that Reeves may need to find additional revenue in her autumn budget to honour self-imposed fiscal rules. Options under review include levelling pension-tax relief, tightening salary-sacrifice schemes and other targeted tax changes. Sky News pegs the immediate shortfall at up to £5.5 billion, although some private forecasts suggest the hole could swell toward £30 billion once weaker growth and recent policy reversals are factored in. Starmer has stressed that fiscal discipline remains essential to preserving the UK’s credibility in debt markets—a stance that investors credit for helping the Bank of England cut interest rates four times this year. Markets will look to Reeves’s July speech for signals on how she plans to close the gap and prevent further bouts of volatility.