It is used for some of the City of London's official functions, including two annual White Tie dinners, hosted by the Lord Mayor. At the Easter banquet, the main speaker is the Foreign Secretary, who then receives a reply from the Dean of the Diplomatic Corps who, as of December 2016, is the Ambassador of Kuwait in London. In early June, it is the turn of the Chancellor of the Exchequer to give his "Mansion House Speech" about the state of the British economy. It is a Grade I listed building. A listed building or listed structure, in the United Kingdom, is one that has been placed on the Statutory List of Buildings of Special Architectural or Historic Interest.

Mansion House was built between 1739 and 1752, in the then fashionable Palladian style by the surveyor and architect George Dance the Elder. The site, at the east end of Poultry, had previously been occupied by the "Stocks Market", which by the time of its closure was mostly used for the sale of herbs. The construction was prompted by a wish to put an end to the inconvenient practice of lodging the Lord Mayor in one of the City Halls.

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