The new structure, together with the Financial List and the Shorter and Flexible Trial Scheme, is intended to ‘enhance the UK’s already respected reputation for international dispute resolution’ and help in the effort to stave off competition from other jurisdictions.

Lord Thomas of Cwmgiedd, the Lord Chief Justice of England and Wales, commented: ‘The judiciary is committed to maintaining Britain’s reputation as the best place in the world for court-based dispute resolution. These changes will ensure that our courts and judiciary continue to lead the world in this field.'

The Business and Property Courts will also sit in Birmingham, Manchester, Leeds, Bristol and Cardiff, with expansions to Newcastle and Liverpool likely in the future.