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ARTICLE · 08 MAY 2017

UK General Election Could Delay Discount Rate Review, Says Expert

Pinsent Masons
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The UK government's decision to call a general election could delay reform of the discount rate applied to lump sum personal injury compensation payments, an expert has warned.

United KingdomLitigation, Mediation & Arbitration
Alexis Roberts
Alexis Roberts

The UK government's decision to call a general election could delay reform of the discount rate applied to lump sum personal injury compensation payments, an expert has warned.

A new discount rate of minus 0.75%, down from 2.5%, came into force on 20 March in England and Wales and 28 March in Scotland, following an announcement in February by lord chancellor Liz Truss. The change effectively increased personal injury compensation awards in order to reflect assumed loss of value.

At the end of March the UK and Scottish governments announced a consultation seeking views from stakeholders about issues such as how often the rate should be reviewed, whether it should be set by the government and Scottish ministers, and the principles guiding setting the rate. The consultation was due to close on 11 May.

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