The Rule of Law holds people and organisations accountable for their actions.
The idea of the Rule of Law dates back at least as far as the Greek philosopher Aristotle, who wrote that “it is more proper that law should govern than any one of the citizens”.
Fundamentally, the Rule of Law is the legal principle that a country should be governed by law, and not by the arbitrary decisions of individual government officials.
In the UK, the Rule of Law is a longstanding principle of the way the country is governed, dating back to the signing of Magna Carta by King John in 1215. This put in place the first checks on the arbitrary power of the (the somewhat headstrong) King John and established the principle that all people are ‘equal before the law’.
In the 19th century, AV Dicey, a constitutional scholar, described the Rule of Law as one of the twin pillars of the British Constitution, the other being parliamentary sovereignty.
Of course, the Rule of Law is also important to business. It gives all of us a framework for how to operate, whether we are selling burgers (with or without horsemeat) or car engine exhausts (with or without harmful emissions). And it holds people and organisations accountable for their actions. Without an established legal framework, doing business would be close to anarchy.
Some businesses are governed by highly specific legislation, but many laws apply to all businesses across the UK, for example The Equality Act or GDPR legislation.