The General Purposes Committee of Aldermen met on Tuesday, 15 September 2026, to discuss the Mansion House Capital Agenda and the Mayoral Priorities for 2026-27. The committee noted the proposal for a five-year capital agenda and endorsed the development of a coordinated event series, aiming to increase investment in UK businesses and infrastructure. They also reviewed the proposed Mayoral programme, which will focus on talent, law, and fragmented finance, and discussed its alignment with the City's role as a global financial centre.

Mansion House Capital Agenda

The committee considered a report on the Mansion House Capital Agenda, a five-year plan designed to mobilise domestic and international institutional investment, alongside private equity, to address the UK's challenge of converting available capital into productive investment. The agenda aims to improve the flow of capital into high-growth companies, infrastructure, and real estate opportunities.

Damian Nussbaum, Executive Director of Innovation and Growth, presented the plan, explaining that it builds upon existing initiatives like the Mansion House Compact and Accord. The agenda will involve a series of coordinated events, starting with a conference on 1 October, to identify and resolve practical blockages in capital flows. The programme is intended to provide continuity across successive Mayoralties, supporting delivery through to 2030 and translating investment ambition into tangible economic outcomes.

During the discussion, it was proposed that the 'Scale-Up' capital programme, which has reportedly generated significant investment, be formally recognised as part of the ongoing capital agenda. Officers clarified that the Mansion House Compact focuses on unlisted equities, while the broader Accord encompasses infrastructure and real estate, highlighting the need for a particular focus on scale-up businesses to meet the 5% unlisted equity target.

Questions were raised regarding the measurement of the agenda's impact. Officers outlined plans for public reporting, existing investment tracking, and wider measures including job creation and foreign direct investment. They noted that £1.6 billion had been tracked in the first year of the Compact, with second-year reporting crucial for assessing progress towards the 2030 target. The City's work is also monitored through financial services activity, foreign direct investment, capital investment, and the InvestConnect platform, with further tracking planned for family offices and sovereign wealth funds.

Aldermen also discussed the climate implications, with officers agreeing that climate-related investment opportunities would be integrated into the work to support investment flows. The engagement with the consolidation of local government pension schemes and the development of larger defined-contribution funds was also addressed, with officers confirming that while the City would not intervene in the consolidation process, it was engaging with the resulting larger entities through initiatives like Sterling 20.

The committee resolved to note the report, and it was agreed that regular updates on this issue would be included in future meetings.

Mayoral Priorities 2026-27

The committee received an outline of the proposed Mayoral programme for 2026-27, championed by Alderman Tim Hailes (subject to election). The programme is designed as a rolling, cross-departmental initiative, moving away from standalone annual themes to provide continuity across Mayoral terms. It will focus on three strategic workstreams: talent, English commercial law, and fragmented finance, all linked to the City's role as a global financial centre.

The programme will highlight London's ability to attract international talent, noting that 40% of professionals in the UK's financial and professional services sector are not born in the UK. The legal aspect will concentrate on practical commercial law, trade corridors, and products, with engagement in markets such as India. The concept of fragmented finance was explained as the evolving infrastructure connecting capital with opportunity, encompassing payments, trading, clearing, and market infrastructure, with interoperability being a key issue due to the development of new systems and technologies like AI and decentralised finance.

The Defence lecture will be expanded into a formal dinner focusing on homeland security and resilience, with a prominent international figure invited to speak on regional security in Eastern Europe. Additional programme activities will include the opening of the new London Museum, the Salisbury Square Courts development, and initiatives related to Greenwich and the digital gaming sector. Aldermen were encouraged to contribute their expertise and networks to the programme.

The expansion of the Defence lecture was warmly welcomed, with suggestions for possible guest speakers and a request for briefings on defence procurement at future meetings, given the risks posed by AI and cyber threats. Discussions were underway with the Ministry of Defence regarding appointing a military attaché to the Lord Mayor's team to bridge defence requirements and potential funding. Members also offered to relay relevant communications to defence-related organisations.

A discussion on energy and sustainability innovation suggested broadening the innovation and technology programme beyond fintech to include energy efficiency and resilience, linking to the City's climate strategy and district heat networks. Potential areas for investment included battery technology and energy efficiency, including cooling technologies.

The Sheriffs-Elect confirmed that their focus would be on supporting the Lord Mayor and the judges at the Central Criminal Court, with an emphasis on constructive additions to the Mayoral agenda. Inaccuracies in the draft Shrieval calendar were noted and agreed to be rectified.

The committee thanked the Senior Alderman Below the Chair (SABTAC) for the update.