Latest Politics: Bank of England governor gives candid assessment of Brexit ahead of Prime Minister's major speech | political news

Paul Kelso, business and economics correspondent

When Gordon Brown gave his first Mansion House speech as prime minister, he caused a stir by speaking in a lounge suit rather than the white tie and tails required by custom.

Some 27 years later, Rachel Reeves became the first prime minister who would never have been glanced at again if she had addressed city officials in a dress.

bucking convention

As the first woman to hold office in its 800-year history, Reeves' tenure will be filled with reminders of her importance, but few are as symbolic as the dinner that has become a fixture in the financial calendar.

Her Mansion House host and property manager Alastair King is the 694th of 696 mayors of London.

Another guest speaker, Bank of England Governor Andrew Bailey, heads an institution that has not yet been entrusted to a woman.

Reeves' speech indicates that she wants to break away from convention, both policy-wise and personally.

She is tackling the post-financial crisis environment by promising to tilt financial regulation toward growth rather than risk aversion.

“This sector is the crown jewel of our economy,” she told the audience, which included many who would play a central role in the 2007-08 crash.

Sending the message that their binding force will be weakened in the future is not natural territory for a Labor prime minister.

Her motivations may be more practical than political. A tax and spending budget that hit business harder than expected put her economic program in the spotlight, and she desperately needed a growth component to deliver.

Watch: Budget Explained in 60 Seconds

Her plan to consolidate local authority pension systems to bring them into line with the investment capabilities of Canada and Australia is part of the same theme.

Infrastructure investment is at the heart of Reeves' plan, and these universally welcomed steps could secure the private sector funding needed to make it happen.

Home truths – a blunt look at Brexit

If the jury was part of the corporate finance community absorbing $25 billion in tax increases, she would have received welcome support from Bailey. Bailey conveyed home truths about economic inheritance in easier language than central bankers sometimes manage.

He said Britain's growth potential was “not a good story” and described the labor market as “fighting against us” in the face of an aging population.

He thanked the Prime Minister for pension reforms to stimulate capital investment at a time when investment levels were “particularly weak compared to G7 standards”.

He was also more honest about Brexit than any Prime Minister has dared to say. Mr Bailey was careful not to weigh in on key issues, but said leaving the EU had slowed Britain's growth potential and the government should “welcome the opportunity to rebuild the relationship”.

There have also been more coded warnings about the dangers of protectionism, perhaps more so from Donald Trump in the White House. “Let us remember the importance of openness amid threats to economic security.”

Everyone would be welcome to hear what Reeves has to say. Already a groundbreaking prime minister who aims for a political and economic legacy that extends beyond her gender and dress code.

WATCH: Can Britain Avoid Trump's Tariffs?

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