Sajid Javid praises UK legal sector’s vital role in international trade
The Business Secretary has hailed the UK legal sector as a driver of international trade and a vital factor in diplomatic relations.
Speaking at a Law Society event at Conservative conference, Sajid Javid asserted that the industry was not recognised enough for its role in supporting economic growth domestically and globally.
He said: “30% of the world’s population live under English common law. That population altogether represents about 20% of the world’s GDP. If you think about that, the contribution that English law has made to the world is huge. It’s often underestimated by a lot of people the contribution the English legal system – the law firms, solicitors and barristers – makes to the British economy.
“I don’t think enough people appreciate the contribution this makes to business not just at home but abroad as well.”
Mr Javid also highlighted the diplomatic role that the English legal system makes, drawing on his experiences in his previous career in finance.
He said that while working in international banking that English law was always used to do business, despite the country of operation or nationality of his clients.
“They used [English law] because it was the most well-established, well understood and the longest running.
“Wherever you go in the world you don’t have to go too far to find English law firms, and we have got some of the best and the brightest in the world. This also helps with soft power, which is hugely important,” he said.
Setting out his priorities for the next Parliament, Mr Javid pledged to champion the industry.
“As Business Secretary you often hear people talk about manufacturing, which is hugely important, but so are professional services and at the heart of professional services is our legal system.
“In my role I will make sure that we promote all types of British business.”
Also speaking at the reception, Vice President of the Law Society Robert Bourns, set out role of the legal sector in boosting the UK’s balance of payments.
The Law Society’s membership, he said, included “10,000 businesses across England and Wales that are an important part of the economy contributing to a turnover of about £30bn a year. The exports within that are about £4bn, and the export surplus is around £3.2bn.
“That all goes towards supporting greater business.”
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