Your commercial news round-up: Queen’s commemorations, sustainability and City law firms, John Lewis, junk food, SRA and indemnity

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This week has seen preparations take place for the late Queen Elizabeth II’s funeral, with Commissioner of Transport for London (TfL) Andy Byford stating that it will be the largest organisational challenge TfL has faced since the 2012 Olympics. Meanwhile, four ‘magic circle’ firms have been accused of greenwashing in an open letter signed by over 150 prominent lawyers, and the SRA confirms the replacement of the Solicitors Indemnity Fund. Have a look at a snapshot summary of some of the week’s key news stories below.

• Following Queen Elizabeth II’s passing last week at Balmoral, London has been making preparations for commemorations of the Queen’s life, with over one million people expected to descend on the capital this weekend. TfL chief Andy Byford stated: “The main challenge is the sheer number of people over such a prolonged period, but we are good at big events, we’re used to running big events, we’re well-practiced, and it doesn’t get any bigger than this.”

This news take place against a backdrop of recent strikes involving TFL workers. The TfL commissioner paid tribute to union leaders, who have put industrial disputes aside in the past week. Londoners have been urged to check their journeys before they travel via the TfL website, as road closures take place across the centre of the capital.

• City law firms, including four of London’s magic circle, have been accused of greenwashing in an open letter. The letter’s signed by over 150 prominent lawyers, including 17 King’s Counsel. It calls for commercial law specialists to do more to fight climate change. The letter also makes direct reference to the maximum increase in global temperature relative to pre-industrial levels as agreed by the UN Paris agreement on climate change, saying: “Lawyers who support transactions inconsistent with the 1.5C limit expose themselves and their clients to substantial legal risk, as well as the real-world risk of catastrophe.”

• Adding to recent news surrounding the cost-of-living crisis, retailer John Lewis has posted a 92 million loss after “unprecedented cost inflation”. The loss is said to be a result of shoppers spending less due to rising inflation level throughout the first half of the year. However, the partnership stated today that it was it was “not unusual for us to make a loss in the first half of the year”. The company further commented that it’s expecting trading to be “trading is heavily skewed to Christmas” this year, despite inflation remaining on the rise.

• Plans to restrict advertising of products that are considered high in fat, salt or sugar (HFSS) could be ditched. The UK government may scrap anti-obesity strategies as ministers have ordered a review on existing measures designed to discourage people from eating junk food. A review into these restrictions comes as part of new Prime Minister Liz Truss’ goal to reduce burdens on businesses and support shoppers amid the cost-of-living crisis. Top of the list for review is a policy to end ‘3 for 2’ deals on HFSS food and drink in October 2023, which has been delayed over a year already.

• After over fifteen years of petitioning, the Solicitors Regulation Authority (SRA) has confirmed a replacement for the Solicitors Indemnity Fund (SIFL). The decision means that solicitors will now be protected from the damaging impact of long-tail negligence claims after the closure of the Solicitors Indemnity Fund proposed for September 2023.

The existing SIFL will be replaced with SRA-run indemnity arrangements and will maintain consumer protection for post-six-year negligence as a regulatory arrangement – with the same level of cover as the SIFL. Anna Bradley, chair of the SRA Board, said: “This approach will provide that important protection for those who need it, while giving us clear oversight of how the indemnity operates, enabling us to run the scheme efficiently and realise potential cost savings.”

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