The Dekagram: 6th November 2023

As you know, we keep a weather eye on what's going on in other jurisdictions; often developments internationally can inform and sometimes even influence our own domestic law. We wonder whether the recent increase in the personal injury discount rate from -0.25% to 1% might be one such indicator. The alteration is particularly important because it has been introduced by the government of the Isle of Man, under an amended version of the Damages Act 1996, and using the UK Government Actuary's Department's advice given in July of this year. As such, it may well be the strongest indicator yet of what the UK government is likely to do when it resets the rate for England and Wales next year, although it should be noted that there is no guarantee that economic circumstances will be the same (or even similar) by that point. Nevertheless, it may be taken as suggestive of a direction of travel which is likely to weight more and more heavily on the minds of litigators as Decision