A month ago today, one of the final acts of David Gauke MP during his time as Lord Chancellor was to decide to set the new personal injury discount rate for England & Wales at -0.25%, with this being only a marginal increase on the -0.75% figure which had applied from March 2017. The new legislation requires a review of this within five years, so will anything relevant realistically happen in the interim?
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).
This legislation is due to have its final (stage 3) debate on 19 March 2019.