Discount rates of +0.5% or +1.8% to be applied dependent on
whether award period is greater than 20 years
As the review of the discount rates in England, Wales and
Scotland remain ongoing, the States of Jersey have moved to
conclude their review of the discount rate, with the unanimous
approval of the
Draft Damages (Jersey) Law.
During the concluding debate, the Chief Minister of Jersey, John
Le Fondre stated that the Draft Law was 'critical'
and the Draft Law would ensure that plaintiffs received the correct
level of compensation.
The Draft Law provides for the setting of a new two-tiered
discount rate, and also creating a statutory power to award damages
by way of a Periodical Payment Order to cover future care costs and
lost earnings.
