A new state-of-the-art court to tackle cyber crime and fraud in the financial sector is to open in the City of London.
Ministers say the court will enhance Britain’s reputation as a country where banking and finance is underpinned by the rule of law, and help the authorities tackle the growing menace of computer crime.
The City of London Corporation will on Monday announce plans for the court to be based in the Square Mile.
The specially built court, which is still in the planning stage, is expected to be built within walking distance of the Royal Courts of Justice, the Rolls Building and the Old Bailey.
Dominic Raab, the Justice Minister, said: “This new flagship court will build on UK legal services’ unique comparative advantage, by leading the drive to tackle fraud and crack down on cyber-crime.
“By reinforcing the City’s world-leading reputation as the number one place to do business and resolve disputes, it’s a terrific advert for post-Brexit Britain.”
Although the new court, to be funded by the City of London, will focus will be on fraud, economic crime and cyber-crime, it will also hear other criminal and civil cases.
The announcement comes just days after launch of "Britain’s Legal Services are GREAT" campaign in Singapore, designed to promote the strengths of English law and our legal services and help build stronger links with both emerging and established markets.
Launching the campaign Lord Keen, the Lords justice spokesman, said: “The UK is, and will continue to be, one of the pre-eminent legal centres in the world.
“Today English law underpins more than a quarter of the world’s jurisdictions, and our law firms, courts and exceptional judges are held in the highest esteem right across the globe.
“As one of our greatest exports, we want to ensure our legal services sector remains at the very heart of our future as a global, outward-looking, free-trading Britain.”
The UK legal sector contributed £25.7 billion to the economy in 2015 – double the sum it generated in 2005 - with more than 200 foreign law firms from around 40 jurisdictions operating in the UK.
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