Discount Rate Decision Imminent

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Article

24 July, 2017

It is expected that the government will make an announcement next month on whether it intends to revise the discount rate. The Law Gazette has reported that in a House of Lords debate last month, Conservative peer Lord Hodgson of Astley Abbotts said the Ministry of Justice will respond to its consultation on the issue by 3 August. Although, the Ministry of Justice website does not confirm this information.

The government launched a consultation into the discount rate in March 2017 with the aim of considering:

  • what principles should guide how the rate is set?
  • how often should the rate be set?
  • who should set the discount rate?

The paper also considers whether sufficient use is being made of periodical payment orders.

Forbes comment

As a decision is imminent, cases involving a large settlement should be postponed, if practicable, until the outcome of the consultation is known.

For more information contact Sarah Wilkinson in our Insurance department via email or phone on 01254 662831. Alternatively send any question through to Forbes Solicitors via our online Contact Form.

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