The City of London Corporation has backed plans to build a state of the art courthouse in Fleet Street to promote the UK’s legal and financial services after Brexit.

The 18-court complex, in a location yet to be announced, will specialise in fraud and economic and cyber crime and will replace all of the courthouses in the Square Mile except the Central Criminal Court.

The plans are being developed in partnership with HM Courts and Tribunal Service (HMCTS) and the judiciary. The City Corporation will commission a feasibility study to determine the cost, identify funding sources, and assess the economic benefits it will bring to the City.

Justice minister Dominic Raab said: ‘This new flagship court will build on UK legal services’ unique comparative advantage, by leading the drive to tackle fraud and crack down on cyber-crime.

‘By reinforcing the City’s world-leading reputation as the number one place to do business and resolve disputes, it’s a terrific advert for post-Brexit Britain.’

HMCTS Chief Executive, Susan Acland-Hood, said it represents a ‘major step forward’ in the wider reform programme.

‘The court will be fully equipped with 21st century technology, and will be a world-leading centre for economic and cybercrime, as well as working across other activity and jurisdictions,’ she said.