Introduction of the Arbitration Bill aims to modernise UK arbitration laws
By Law News
Justice Minister Lord Ponsonby introduced the Arbitration Bill in Parliament
The Arbitration Bill aims to update the arbitration laws established in 1996, positioning London as the premier global hub for arbitration. It also seeks to ensure that decisions made by UK arbitrators are enforceable internationally and recognized by foreign governments.
Justice Minister Lord Ponsonby welcomed the Bill’s introduction, stating:
“This Government is committed to securing the UK as a world leader in dispute resolution. Modernising the quarter-century old laws around arbitration will make it quicker, cheaper, and more efficient for people and businesses looking to settle legal disputes. And helping our world-leading legal services sector to flourish will cement the UK’s position in this high-value sector – worth at least £2.5 billion to the British economy every year.”
Background on the Arbitration Bill:
- Global Benefits: The Arbitration Bill will benefit businesses and individuals worldwide who view the UK as the optimal location for resolving disputes.
- Efficiency in Dispute Resolution: By supporting people and businesses in settling disputes outside of court, British arbitrators will save time and money.
- Scope: The Bill applies to England, Wales, and Northern Ireland.
The introduction of the Arbitration Bill marks a significant step towards enhancing the efficiency and global competitiveness of the UK's dispute resolution framework, ensuring it meets the needs of modern commerce and continues to contribute significantly to the British economy.