Rule of law critical for prosperity

Speaking at the City of London’s Guildhall, Attorney General Lord Hermer KC underscored the foundational role of the rule of law in driving economic growth and fostering international trust. Addressing an audience of legal professionals, judiciary members, and business leaders, he emphasised that economic stability – a central pillar of the Prime Minister’s Plan for Change – hinges on adherence to the rule of law.

“Businesses need certainty to operate, to invest, and to grow,” said the Attorney. “There is a crucial link between a country’s commitment to the rule of law and its levels of innovation, inward investment, trade, and economic growth.”

He also highlighted the rule of law’s role in facilitating global free trade and investment by establishing trust between nations, essential for international commerce.

City of London Corporation Policy Chairman, Chris Hayward, echoed these sentiments, describing the rule of law as a key pillar of the UK’s global appeal. He noted, “It underpins trust in our legal and financial systems, fosters economic stability, and reinforces our global leadership in commerce and justice.”

The Attorney also celebrated the legal sector’s pro bono culture, recognising organisations like the National Pro Bono Centre for their contributions to access to justice and social impact.

The Government’s commitment to the rule of law aims to create the best conditions for UK businesses to thrive while maintaining the country’s reputation as a leader in international trade and justice.