My Lord Mayor Elect, I’m commanded by His Majesty the King to precise His Majesty’s categorical approval of the selection of the residents of London in electing you to be Lord Mayor for the approaching 12 months.
I believe we’ll all be acutely conscious that the final time these phrases had been spoken, it was on Her Majesty Queen Elizabeth’s behalf – and that this would be the first time in residing reminiscence that this ceremony has referred to His Majesty the King.
I’m delighted to welcome you, Lord Mayor Elect, in addition to your spouse and shortly to be Girl Mayoress, Felicity and different distinguished visitors – to formally convey this message on His Majesty’s behalf.
Let me additionally thank the Recorder of London and Excessive Steward of Southwark for his deal with – and congratulate on him on being one of many few folks in public life with a title as lengthy and complex as mine.
I might additionally prefer to recognise the late Lord Mayor, Vincent Keaveny’s time in workplace. My late Lord Mayor, your 12 months at Mansion Home has been characterised by the theme of “Individuals and Function”.
You’ve gotten visited numerous nations to advertise the Metropolis and UK authorized providers, obtained ministers and ambassadors from around the globe, and spoken out on a spread of points – from social mobility to local weather change and digital commerce.
As the primary Irish citizen to be the Lord Mayor of London, it was no shock to see you award the Freedom of the Metropolis to Ed Sheeran, who’s himself of Irish descent. Nonetheless, I don’t assume there might be something extra British than seeing you lead 1,000 folks driving sheep over London Bridge! Thanks once more for all that you’ve carried out for the Metropolis of London.
Now let me flip to the Lord Mayor Elect. Nicholas, I be aware that you simply had been additionally born in Eire – as they are saying, you wait 692 Lord Mayors for an Irishman after which two come alongside directly! Your profession within the Metropolis has spanned greater than 4 many years and your specialism – advising on mergers and acquisitions and elevating capital – is indicative of the theme on your 12 months in workplace: ‘Financing our Future’.
The Lord Mayor is, in fact, an envoy for British enterprise, monetary and authorized providers – exporting all that’s better of our nice capital metropolis at house and overseas. I do know a spotlight for you can be how we use capital and experience to spice up our financial system.
My very own job as Lord Chancellor is to advertise English and Welsh regulation and the authorized providers that underpin our financial system; and the Authorities has been very clear that financial progress is our first precedence – so, our goals are very a lot aligned.
London is, in fact, on the coronary heart of that world-beating authorized providers sector. The details converse for themselves. Authorized providers contribute some 29 billion gross worth added to our financial system every year… Together with billions in commerce surplus and tax, in addition to using over 350,000 folks straight.
It isn’t simply British companies that profit from the UK’s authorized excellence.
Firms from around the globe perform their enterprise transactions right here within the UK – due to our system’s status for probity and predictability. In reality, final 12 months greater than half of all business circumstances within the UK had been introduced by worldwide companies.
Our authorized providers are undoubtedly considered one of our best exports – supporting the expansion of worldwide commerce and funding not simply in London however throughout the UK. That’s why, by our GREAT Authorized Companies marketing campaign, we’re doing much more to advertise the English and Welsh regulation overseas… and, in fact, London because the world’s pre-eminent centre for dispute decision.
It’s no coincidence that the biggest worldwide regulation corporations in London have between 45% and 65% of their legal professionals based mostly outdoors of the nation, demonstrating once more that London is on the forefront of the way in which the world does enterprise.
However I do know one other focus for you, Lord Mayor Elect, will probably be competitiveness. As ever, now we have competitors – from the likes of the USA, Germany and Singapore amongst others. Competitors is wholesome however, significantly in difficult instances – a world nonetheless recovering from the pandemic, and now rising to immense cost-of-living challenges – it’s essential that we do all the things to remain forward of the sport.
So, guaranteeing our authorized providers proceed to maintain tempo with the remainder of the world… That they proceed to innovate… and keep on the forefront of recent methods of working… Couldn’t be extra vital. Equally, we should additionally guarantee that the regulation evolves to offer certainty on rising applied sciences – offering certainty to the companies that use them.
As Lord Chancellor, I’ve pledged to do all I can to assist authorized innovation. I would like the UK to be a world hub for lawtech, in the identical manner it has been with fintech. And I need to see our regulatory system proceed to allow authorized innovators to do what they do greatest – to innovate within the pursuits of higher outcomes. It’s this mixture of the 2 that can allow us to maintain our world-leading standing.
My Lord Mayor Elect, I do know you share our targets. The Metropolis has an extended, profitable historical past and the theme on your 12 months in workplace – ‘Financing our Future’ – is all about selling each useful resource and resilience. Your deal with getting capital and experience in the appropriate locations will undoubtedly drive our financial system and make us much more aggressive.
As we glance forward, I’m satisfied that collectively we are able to obtain a lot for the Metropolis of London and for the UK extra broadly. I’m trying ahead to working in tandem with you to advertise UK authorized providers and get the financial system rising once more. I believe I would give the sheep drive a miss, nonetheless!
I want you and the longer term Girl Mayoress nicely on your 12 months in workplace. Thanks.
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