Today is six months on from the announcement by then Lord Chancellor David Gauke on 15 July 2019, that the discount rate in England & Wales would be re-set, using new powers in the Civil Liability Act 2018, at -0.25% with effect from 5 August 2019. In the ordinary course of things this rate should apply for five years and should then be reviewed. What has or has not happened in the six months since the Lord Chancellor’s decision?
The Office for National Statistics (ONS) published the latest, 2018-based projected life expectancy data for the UK, on 2 December.
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?