The significance of international arbitration to the United Kingdom was underscored by its recent decision to include the Arbitration Bill in King Charles III’s inaugural King’s Speech on 7 November 2023. This Bill, currently undergoing its first reading in the House of Lords, is part of an ongoing parliamentary debate and is slated to become the Arbitration Act 2024, applicable to England, Wales, and Northern Ireland.
According to a report from 2021, London maintains its standing as a global hub for international arbitration, ranking as the most preferred seat. English law, inclusive of the Arbitration Act 1996, serves as the governing law for arbitrations seated in London, England, or Wales, regardless of the law underpinning the contract in dispute.
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