The Lord Chancellor has announced a new flagship court specifically designed to tackle cyber crime, fraud, and economic crime will reinforce the UK’s reputation as a world-leading legal centre.
Developed in partnership with the City of London Corporation and the judiciary, the cutting edge, purpose-built court, which will also deal with business and property work as well as civil cases, will hold 18 modern courtrooms and replace the ageing civil court, Mayor’s and City of London County Court, and City of London Magistrates’ Court. Also included in the court will be a new City of London police station.
A feasibility study to look at whether a court might be built was announced last October, and now the plan has been given the go-ahead. Speaking to members of the senior judiciary at the Mansion House, the Lord Chancellor, alongside the Lord Mayor, Charles Bowman, and Lord Chief Justice, revealed that the court will be built on the site of Fleetbank House in the heart of the City.
English law is currently used in 40% of all global corporate arbitrations, and more than 200 foreign law firms currently have offices in the UK. Revenue generated by legal activities in the UK was worth £31.5bn in 2016, and the top 100 UK law firms generated over £22bn in 2016/17.
Commenting on the announcement Policy Chairman of the City of London Corporation Catherine McGuinness, said: “Our rule of law is one of the many reasons why London is the world’s most innovative, dynamic, and international financial centre, and this new court will add to our many existing strengths.
I’m particularly pleased that this court will have a focus on the legal issues of the future, such as fraud, economic crime, and cyber crime.”
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