Legal services across the UK hold the key to boosting global economic growth, Justice Secretary Chris Grayling said in a speech to international legal practitioners today.
Launching an update to the ambitious Plan for Growth, which aims to put the UK on a path to sustainable, long term growth, he reiterated the Government?s commitment to supporting legal services at home and in international markets.
The Justice Secretary made clear that London is as much a legal centre as it is a financial one, with an unrivalled mix of judicial expertise in the fields of finance, business and property.
As a consequence, doing business and resolving disputes in the UK is quicker and cheaper ? saving businesses up to £1.4bn a year ? but still results in cast-iron judgments that are respected around the world.
Secretary of State for Justice Chris Grayling said:
'British law has an unrivalled reputation in the world: a decision from a UK court carries a global guarantee of impartiality, integrity and enforceability.
'Our legal sector is also one of the most open in the world. And the benefits of removing barriers to foreign investment and business are clear, with UK legal exports almost quadrupling in little more than a decade and over 200 foreign law firms now operating in London.
'But, we want to go further. Promoting industry. Promoting growth. Promoting jobs. Encouraging international businesses to come to the UK to have contracts written and disputes resolved; cementing Britain's position as a global centre of legal excellence and removing barriers to UK law firms operating overseas.'