Lord Thomas of Cwmgiedd (CB)

My Lords, I also thank the noble Lord, Lord Holmes, for obtaining this debate, and more so for his singular and determined leadership and focus on this issue. The need is becoming even more urgent for the Government to end their current policy of “just wait and see”. They should go for an overall scheme and unified set of principles, preferably with a single regulator. I agree with the noble Baroness, Lady Harding, that regulation is needed to underpin growth and development. Great though the common law is, on its own it is not enough. I illustrate this with reference to the legal sector, which, to the advantage of the United Kingdom, has a significant international lead at present. The sector is making major investment in AI, with real change to the way in which lawyers have trained and work is under way. This is now having a marked effect on the business of the courts and arbitration, and to the competitiveness of the industries it serves, particularly our leading financial services sector. The issues that arise in the legal sector are many. To list but a few, they include confidentiality, transparency, integrity, copyright, automatic decision-making, protection from bias and discrimination, equal treatment, training, storage of data and ensuring the competitive market for AI. These are exactly the same as exist elsewhere and should be guided by a single set of principles with sectoral adjustment where necessary. Such a uniform set of principles is, in my view, essential to the maintenance of the leading edge of the legal sector in its international position in what is a fiercely competitive international market. There is much to be said for transnational regulation, but we should start it by our own set of principles.