Another hidden financial loss

[darmstadt]

https://www.thomsonreuters.com/en/pr...certainty.html

35% of businesses say they had changed their contracts so that legal issues are heard in courts outside of England, according to new research, threatening its position as a world-leading centre for companies to resolve disputes.

51% of those who had said they had chosen EU jurisdictions to hear disputes, according to the survey by Thomson Reuters. All of the companies polled were multinationals.

England's courts have historically been the first choice for many companies to govern their contracts, with London being the main destination for companies to resolve disputes.

The courts' reputation contributed to legal services generating £31.5bn for the UK economy in 2016.

But many companies are concerned judgments made here will no longer be recognised in other EU member states after Brexit, leading some to move contracts elsewhere.

[Yorkie62]

https://www.thomsonreuters.com/en/pr...certainty.html

Are you suggesting that the UK economy will be £31.5bn worse off after Brexit purely due to where multinationals choose the have their legal disputes heard, or is this loss of revenue only a percentage of that £31.5bn. If so what is that percentage. just asking for clarification.

[original PM]

Are you suggesting that the UK economy will be £31.5bn worse off after Brexit purely due to where multinationals choose the have their legal disputes heard, or is this loss of revenue only a percentage of that £31.5bn. If so what is that percentage. just asking for clarification.

It's actually all just bollocks and sound bites

but then we kind of knew that.

[darmstadt]

It's actually all just bollocks and sound bites

but then we kind of knew that.

And there you have the Brexiteer mindset in one post

English courts have historically been the first choice for many companies to govern their contracts, with London being a top destination for companies to bring litigation.

The popularity of the English courts helped legal services generate £31.5bn for the UK economy in 2016, along with a trade surplus of £4bn.

Currently, a law known as the Recast Brussels I Regulation ensures that rulings in one European country are automatically recognized by the courts of another. Without this provision, a judgment made by a U.K. court, no matter how legally coherent, would be unenforceable in another country.

The law means that plaintiffs can expect legal consistency across the EU; its absence would have massive implications for the U.K. legal sector. London is currently the go-to destination for large international corporations looking to sue rivals in England’s well-respected courts.

[Yorkie62]

Currently, a law known as the Recast Brussels I Regulation ensures that rulings in one European country are automatically recognized by the courts of another. Without this provision, a judgment made by a U.K. court, no matter how legally coherent, would be unenforceable in another country.

The law means that plaintiffs can expect legal consistency across the EU; its absence would have massive implications for the U.K. legal sector. London is currently the go-to destination for large international corporations looking to sue rivals in England’s well-respected courts.

Doesn't this work both ways. To sue British based company A, Johnny Foreigner Company B will have to take legal action in a UK Court otherwise the UK based Company give the proverbial two fingered salute to the European Courts whom will have no jurisdiction in the UK. What good is a court judgement without teeth to anyone.

PS Would still like an answer to my original question for clarification.

[Zigenare]

Doesn't this work both ways. To sue British based company A, Johnny Foreigner Company B will have to take legal action in a UK Court otherwise the UK based Company give the proverbial two fingered salute to the European Courts whom will have no jurisdiction in the UK. What good is a court judgement without teeth to anyone.

PS Would still like an answer to my original question for clarification.

This...

The popularity of the English courts helped legal services generate £31.5bn for the UK economy in 2016, along with a trade surplus of £4bn.

does not say...

The popularity of the English courts generated £31.5bn for the UK economy in 2016, along with a trade surplus of £4bn.

It could have generated just 57p of the total.

Scaremongering and sloppy journalism.

[NotAllThere]

It's actually all just bollocks and sound bites

but then we kind of knew that.

"Thomson Reuters is the world’s leading source of news and information for professional markets"

Just experts again, hey?

[BlasterBates]

Doesn't this work both ways. To sue British based company A, Johnny Foreigner Company B will have to take legal action in a UK Court otherwise the UK based Company give the proverbial two fingered salute to the European Courts whom will have no jurisdiction in the UK. What good is a court judgement without teeth to anyone.

PS Would still like an answer to my original question for clarification.

Indeed and for this reason and increased red tape, a lot of European companies will simply ignore the UK, which in itself isn't a problem if you don't want to export.

[Yorkie62]

Indeed and for this reason and increased red tape, a lot of European companies will simply ignore the UK, which in itself isn't a problem if you don't want to export.

Will the red tape be increased or will it just be a different shade of red. Basic economics of supply and demand will prevail in the end. If Co. A has a product, or service, that Co B wants/needs at a price that they both agreed on then the rest is, and always has been Red Tape to make that purchase/sale happen.
Anybody who suggests that the UK economy will stop spinning whilst the rest of the world continues to spin is living on a different planet. Yes there maybe hiccups generated largely by the rich and powerful on the world markets, remember Black Wednesday and the problems caused by one very rich individual. How does anyone know what will really happen with any certainty. How does anyone know they are not just being manipulated with stories of Armageddon in preparation for a get richer scheme by the rich and powerful after Bexit.

[original PM]

"Thomson Reuters is the world’s leading source of news and information for professional markets"

Just experts again, hey?

But they have not told the true story in a factual way have they?

Has the report been written in a way to lead a reader to a false conclusion?