More than eight centuries after Magna Carta first laid the foundations of the rule of law, the Justice for All series opened its doors beneath the dome of the Old Bailey—under the watchful gaze of Lady Justice herself—with a searching debate on what 'justice for all' truly means.
As an Alderman and Sheriff of the City of London, I was keen to use my shreival year to examine the City’s historic and continuing role in upholding justice as a cornerstone of economic prosperity. The Justice for All series is a year-long initiative exploring how the principles of justice can be strengthened and modernised in the UK and beyond. The series brings together leading voices from law, government, business, faith, and civil society to examine what 'justice for all' truly means in the 21st century.
Each event is underpinned by a research paper, produced by RAND Europe and the first paper, The Economic Legacy of Magna Carta, creates a compelling argument that Magna Carta’s principles remain not only morally resonant but economically indispensable. Its analysis traces how the rule of law—first asserted at Runnymede—continues to underpin trust, trade, and prosperity in the modern world.
At the heart of the research paper, authored by Emma Zürcher and Lucy Strang, lies a simple yet profound insight: the institutions of justice are not a drag on growth but a precondition for it. Magna Carta, sealed in 1215 but then rewritten and reissued in its substantive version in 1225, curtailed arbitrary power and enshrined the idea that even the monarch was subject to law. By securing property rights, establishing due process, and embedding accountability, the charter laid the groundwork for trust, trade, and long-term investment.
Magna Carta’s clauses on taxation, property restitution, and standardisation of measures were early attempts to create commercial certainty and fiscal stability. Such provisions, though medieval in tone, anticipated the institutional features that modern economists identify as essential to sustained growth. RAND’s researchers acknowledge the obvious difficulty of drawing direct economic correlations across eight centuries, yet the conceptual link is clear: societies governed by predictable, impartial laws are better placed to attract investment, innovate, and prosper.
What makes the paper particularly compelling is its comparison between Magna Carta and the United Nations Sustainable Development Goal 16 (SDG 16): Peace, Justice and Strong Institutions. Published more than 800 years apart, the two share a strikingly similar mission—to uphold justice, accountability and the rule of law. Magna Carta sought to restrain royal excess and protect subjects from arbitrary authority; SDG 16 seeks to build inclusive institutions and guarantee equal access to justice worldwide. Both documents articulate a belief that fair governance is not an abstraction but the scaffolding of civilisation.
And yet, RAND’s analysis highlights a deep irony. While the global community has made enormous progress financing climate action, poverty reduction, and environmental sustainability, investment in justice—particularly under SDG 16—lags far behind. Funding for peace, justice, and strong institutions represents a fraction of that devoted to other development goals. This chronic under-investment, the authors warn, risks undermining the entire 2030 Agenda for Sustainable Development. Without functioning courts, impartial regulators, and credible mechanisms of accountability, progress in every other sphere, from environmental protection to economic inclusion, will falter.
It is not just increased investment that the UK justice system requires, but a concerted effort to address its deep-rooted inefficiencies. As Lord Neuberger highlighted in his keynote speech at the Justice for All series, the Crown Court faces a backlog of over 75,000 cases, while the magistrates’ court has more than 300,000 pending. Meanwhile, Britain’s prisons remain overcrowded and understaffed, undermining rehabilitation, and many court buildings and IT systems are outdated, further slowing proceedings. These inefficiencies impose significant economic costs, both directly and through lost opportunities.
The paper therefore calls for urgent, coordinated financing to strengthen justice systems globally. It suggests that the legal sector can draw valuable lessons from the environmental sphere, where innovative instruments such as green bonds and green gilts have successfully mobilised private capital.
Magna Carta laid the groundwork for the rule of law, proving that access to justice is not only a moral cornerstone of society but a foundation for economic prosperity. Eight centuries on, we face a critical test: will we fund justice with the same conviction that we fund growth? The justice sector must make a clear case for its economic return on investment and indeed we will be examining this specific topic in our final event in June next year.
For lawyers and policymakers alike, the implications are profound. The research paper urges that we view the justice system not as a static institution but as economic infrastructure which requires continual investment and renewal. This means expanding access to courts, modernising judicial technology, strengthening independence and ensuring that legal protections extend to all.
The Justice for All series aims to make these ideas concrete, convening practitioners across law, government, business and academia to develop actionable strategies. Topics include improving judicial infrastructure, supporting both survivors and defendants, reducing re-offending and harnessing new technologies for the public good.
For the legal community, the message is both challenging and inspiring. Magna Carta’s legacy endures in our constitution and the economic stability it created. Honouring it today means treating justice as an investment, one that builds trust, innovation and prosperity. As the research paper notes, 'no one shall be denied or delayed justice' is not just a moral ideal but an economic strategy for sustainable growth—an insight as urgent now as it was at Runnymede 800 years ago.
Robert Hughes-Penney is sheriff of the City of London
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