New discount rate due to be set by 5 August 2019

The formal and final part of the discount rate review in England & Wales started today, 19 March 2019, and must end by 5 August. The high likelihood is that this review, the first under the Civil Liability Act 2018, will deliver a rate different from and higher than the current minus 0.75% rate (which was set in accordance with the Damages Act 1996).

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Discount rate judicial review hearing

Damages Act 1996 – ABI’s judicial review of Lord Chancellor’s decision to set a discount rate by 31 January 2017 – decision expected on Friday 20 January

The Lord Chancellor had explained in a statement issued on 7 December that she would announce her decision about the discount rate for calculating pecuniary future losses in personal injury claims by 31 January. Within a fortnight of that, ABI indicated that it would challenge that by way of judicial review. The hearing on permission and interim relief took place today, 19 January.

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