The important industry described in the title does not have lorries traversing up and down the motorways of the land; nor does it fill up ships in the port of Dover. Instead it could probably be best considered as part of the UK’s service economy with a value of £26 billion a year.

We are, in fact, talking about the legal sector itself.

The British courts and its legal system in general are widely regarded as one of the best (if not the best) in the world and every year a great number of disputes involving international parties are resolved in the capital.

This is potentially under threat in the light of Brexit as many of the rules that pertain to jurisdiction fall under EU regulations. If a revised position is not agreed upon before the UK leaves the Union there is the potential for a great deal of uncertainty. The same legal case could take place in both the UK and abroad and there may even be a situation where the decisions made are not upheld and respected in the other country.

This should be an easy win for the government. There is little incentive for the EU to play hardball on this issue as they will want their own judgements respected as much as the UK wants its own legal system to be respected. In doing so the vibrant legal sector should be able to be protected.

A much more difficult issue will be the status of the European Court of Justice. The prime minister has made it clear that the UK should not be bound by decisions made by the European Union’s top court but such a clean cut looks to be increasingly impossible. Another government paper later this week will try to elucidate the UK’s position but if the Brexit negotiations are going to proceed smoothly then there will have to be some room for manoeuvre.