The Lord Chancellor has announced that the government is to take immediate action to address issues with the judicial pensions scheme.
Commenting on the announcement, Miles Celic, Chief Executive Officer, TheCityUK said:
The UK’s legal system, and English Law in particular, is globally renowned and respected as one of the best in the world with 40% of all global corporate arbitrations conducted under English Law. The quality and expertise of our Judiciary play a critical role in this success, but this has been put in jeopardy by an acute recruitment and retention problem.
“The temporary measures announced today are a timely move to address this problem. Longer-term legislation will be needed to properly fix the issue, and we encourage government to consult widely on how to best deliver the right permanent solution to judicial remuneration and recruitment.”