As is widely known, the processes for setting an appropriate discount rate (or rates) for valuing future pecuniary loss are moving forward under separate legislation in both England & Wales and in Scotland.
The matter of updating the Ogden Tables to reflect any new rate (or rates) and to deal with changes in population life expectancy has consequently taken something of a back seat in recent years and, as far as we can tell, remains on the back burner very probably until new discount rates are determined under both pieces of legislation.
…in England & Wales, with Royal Assent to the Civil Liability Act 2018 being noted at the beginning of this morning’s proceedings in the House of Lords.
The Scotland-specific legislation was discussed by the Parliament in yesterday’s Stage 1 debate on its general principles. The Minister in charge, Ash Denham MSP, bookended the debate during which a number of points were highlighted for further scrutiny at subsequent stages, including moving the frequency of rate reviews to a five-year cycle.