The world runs on English law – let’s make the most of it

All governments yearn for growth levers that are affordable, credible and deliverable within a parliamentary term. This government is fortunate enough to have one: English common law, says Brandon Lewis

There is a quiet truth about British global influence that rarely makes it into the conversation about economic growth. International litigants, when consulting a regulatory framework or seeking dispute resolution, routinely choose English courts. When a shipping company in Singapore signs a contract with a supplier in Dubai, or when a multinational closes a deal in Hong Kong, there’s a good chance they’re deferring to English law. 

English contract law is an especially prized asset. Its principles of freedom of contract, certainty of interpretation and reliability of enforcement are trusted by businesses because they have been tested and refined through centuries of common law judgement. It’s why English law remains the preferred choice for cross-border contracts, underpinning 40 per cent of global corporate arbitrations. Moreover, in 2024, 72 per cent of cases in the Commercial Court were international in nature. No other jurisdiction approaches this degree of international popularity, prestige and trust.  

The opportunity, therefore, is not to invent something new but to build deliberately on what already exists. This can be done in three ways. First, investing in the infrastructure of legal adjudication: the courts, the arbitration centres, the judicial expertise that underpin confidence in the system. Second, ensuring that legal education in this country continues to produce practitioners of the highest calibre and that the best talent is welcomed into the profession. And third, government must actively promote English law as a key national export, just like  entertainment and financial services.

Most urgently, huge opportunities lie ahead. The rapid development of blockchain technology and crypto assets presents a transformative moment for legal services. Smart contracts, self-executing agreements written directly into code, are reshaping how commercial transactions are structured, and tokenised assets are creating entirely new categories of property and ownership. Decentralised finance is building markets that operate outside the traditional banking infrastructure, and all of this will require legal frameworks, dispute resolution mechanisms and regulatory clarity. The jurisdiction that provides them with the most confidence and sophistication will attract the most business.

A $7bn opportunity

The scale of what is at stake here is enormous. The global smart contracts market alone stood at approximately $2.6bn in 2025 and is projected to reach over $7bn by 2030, driven by demand from financial services and cross-border trade. Britain is best-placed to be the jurisdiction of choice for this new era of digital commerce, but must proactively seize the opportunity. Admirable preparation is underway: the Property (Digital Assets) Bill, which seeks to confirm the legal status of digital assets as a distinct category of personal property, received Royal Assent in late 2025. The courts have also shown willingness to grapple with novel questions about the nature of crypto property rights. The direction of travel is right, but the pace needs to accelerate.

The incentives to do so are not just economic – there is a potential upshot for British soft power. When international litigants choose British law, they confer visibility, prestige and authority onto British institutions, traditions and expertise. When I was Lord Chancellor I found the conclusion inescapable that the ubiquity of English law should be leveraged more. 

All governments yearn for growth levers that are affordable, credible and deliverable within a parliamentary term. This government is fortunate enough to have one. No vast capital expenditure is required and no new quangos need to be invented. The asset already exists, it simply needs to be recognised and supported with the seriousness and foresight it deserves. 

From the agreements that underpin global shipping to the smart contract that will settle tomorrow’s tokenised bond issuance, British courts are already at the heart of the world economy. It is time we started to acknowledge it more openly and embrace the opportunities our brilliant legal services offer.

Brandon Lewis is a former chairman of the Conservative Party