Reeves announced significant pension reforms in London, aiming to create 'mega funds' that could unlock £80 billion for investment. The merger of 86 local authority pension funds is expected to enhance growth and efficiency. The Labour government plans to introduce these reforms in parliament next year, with broad political support. Business leaders expressed cautious optimism but highlighted the need for the government to restore confidence in the economy, which has struggled since the 2008-9 financial crisis.