The Lord Chancellor and Justice Secretary, David Lidington MP, has announced that he will today (7/9/17) lay draft legislation before Parliament to change the way in which the personal injury discount rate is set. If enacted, the draft legislation will change the way in which the personal injury discount rate prescribed under section 1 of the Damages Act 1996 is set. Based on the evidence currently available the Government would expect that if a single rate were set today under the new approach the real rate might fall within the range of 0% to 1%, but the new framework will only apply if the proposed law is enacted and will not operate retrospectively. This announcement arises from the conclusion of the Consultation on the personal injury discount rate which was ordered in March 2017 following the discount rate reduction to -0.75% announced in February 2017.
Click here to see Sadie Crapper’s review of the reports which have been published.
See a summary of today’s papers below: