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Brexit negotiations must secure future of £25.7bn UK legal services sector
Posted by Nick Hill on 20 Dec 2016
The UK’s legal services sector may be at risk if the Government doesn’t secure its future after Brexit, according to a new report.
TheCityUK, the professional services lobby group, has claimed that the £25.7bn sector must be "maintained and enhanced" during Brexit negotiations.
Around 370,000 jobs are to be affected by Britain leaving the EU, according to the report, which warns that "mutual enforcement" rules cannot be lost.
These require EU member states to recognise and enforce UK law and vice versa.
TheCityUK stresses that if these are lost due to a bad Brexit deal, the UK would become a "less attractive" place for international businesses to resolve legal disputes and draw up commercial contracts.
In addition, the report also points out the importance of maintaining the free movement of people on the legal sector as there is also more than 200 foreign-based legal services companies operating in the UK.
Miles Celic, TheCityUK chief executive Miles Celic said: "The UK-based legal services sector is the leading global centre for the provision of international legal services and dispute resolution.
"The best Brexit deal will be one which is mutually beneficial to the UK, the EU and globally and which allows for a clear and predictable shift from current business conditions to whatever new arrangement is agreed."