The Bill to reset the legal basis of the personal injury discount rate (PIDR) in Northern Ireland was published this week following its introduction to the Assembly. As was expected, and as we tweeted yesterday, it’s a lift and shift from the approach in Scotland with one main change: a longer assumed investment period of 43 years rather than 30. The investment portfolio, however, is identical. We have said previously that all that can be taken from this, for the time being, is that had the NI PIDR been set using this approach at the same time as the Scottish rate was set at -0.75% – ie back in Q3 2019 – it might have been a little higher than that. How quickly the Bill (its home page is here) might proceed is both politically contentious (as set out in my last blog about it) and unclear. We may get a better idea of timescales from the second stage debate which is likely to take place next week and may at times be ‘robust’.
Alistair Kinley, Director of Policy & Government Affairs