The rule of law empowers growth

On 16 September 2025, Lord Hermer KC addressed an audience at the iconic Central Criminal Court, the Old Bailey, presenting his speech titled “The Rule of Law: Powering Growth.” The event was hosted by The Sheriffs of the City of London, and Lord Hermer opened with gratitude for the hospitality of Sheriff Gregory Jones KC and the City of London Corporation. He noted the historical significance of the occasion, as representatives from the Worshipful Companies of Scriveners, Solicitors, and Arbitrators gathered to sign the Old Bailey Memorandum and establish the Legal Livery Group, celebrating a commitment to the rule of law on the 800th anniversary of the Magna Carta.

Lord Hermer went on to emphasise the deep roots of Britain's dedication to the rule of law, a tradition that has helped shape its identity and its success as a nation. He remarked on the iconic status of the Old Bailey, a symbol of justice in British culture, and linked it to the historical journey of legal rights that have been fought for over centuries. “Respect for the rule of law is part of the national DNA,” he asserted, reinforcing the idea that unity around these principles has contributed to the nation's development.

The Attorney General outlined the intricate relationship between the rule of law and economic growth, stating that a stable legal environment fosters business development and innovation. He noted how trust in the judiciary and legal institutions is paramount, asserting, “It is the reason why investors from across the globe … choose London for their capital.” Lord Hermer highlighted that businesses require certainty surrounding contracts, dispute resolutions, and the protection of rights to thrive. He pointed out that, “Certainty at every turn is a hallmark of our rule of law tradition,” urging the importance of predictability for future investments.

Shifting focus, Lord Hermer addressed the fundamental role of an independent judiciary in upholding the rule of law. He stated that recent attacks on judges and the judiciary, often politicised, undermine public trust in an institution that has historically safeguarded justice. He affirmed, “While no institution in this country should ever be free from appropriate scrutiny or accountability – we are blessed in Britain to have … the world’s finest judiciary.” He reiterated that an independent judiciary is vital for assuring investors of their rights and for fostering an environment conducive to economic growth.

Furthermore, the Attorney General asserted that the moral obligations underpinning the rule of law extend beyond legal and economic frameworks, touching on the necessity of human rights protections in promoting societal well-being and strengthening the economy. He referred to the importance of the Employment Rights Bill and its implications for fair job conditions, emphasising that when people feel secure in their rights, they are more motivated to engage in economic activities. He remarked, “A valued workforce is a productive workforce,” highlighting the interconnection between fairness and economic prosperity.

Lord Hermer concluded with a call to action for all stakeholders, highlighting that the success of the government’s economic growth mission is intertwined with their commitment to the rule of law. Drawing on the words of Adam Smith, he noted, “No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable,” asserting that the rule of law is foundational to both prosperity and fairness.

In closing, he reiterated the need for collective effort in upholding the rule of law, as it is not merely a legacy to be preserved but an ongoing responsibility to secure a prosperous future for all. He emphasised, “The rule of law is not a footnote to economic policy - it is its foundation,” underscoring its critical role in nurturing a thriving economy and safeguarding an equitable society for every citizen.