The warning comes as lawyers seeking to prevent the UK from leaving the single market by upholding the right to remain in the European Economic Area (EEA) formally lodged notice on Monday of a fresh appeal against the government at the high court.
Peter Wilding, the man credited with inventing the term Brexit in 2012, said the group British Influence expected that its claim against the Department for Exiting the European Union could be heard as early as next February.
The Bar Council’s report, The Brexit Papers, is intended to draw the government’s attention to the financial and professional dangers of removing the UK entirely from close relationships with European jurisdictions.
“The reputation of England and Wales as the pre-eminent destination for international dispute resolution will be damaged if appropriate steps are not taken to ensure that the position as to the jurisdiction of the English courts and the enforcement of English judgments are protected,” the Bar Council working party led by Hugh Mercer QC says.
“A great deal of the attractiveness of the UK in general, and London in particular, as a hub for business (particularly financial services) … will be considerably diminished if steps are not taken to ensure an adequate legal framework is put in place to ensure that English judgments and jurisdiction clauses are effectively and efficiently enforced.”
The report refers to cases in which claimants are being advised not to choose English jurisdiction clauses in their contracts where previously they would have been almost an automatic choice. Some cases that would normally be launched in England are being started in other EU jurisdictions due to uncertainty over the ultimate enforceability of English judgments.
The UK legal services market generates £25.7bn a year in revenue and employs 370,000 people. It produced £3.3bn of net export revenue last year. [...]
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