Last week, the Justice Committee of the Assembly held a further hearing with officials from the NI Department of Justice (DoJ). The debates and questioning moved forward from the indications given at the previous hearing on 22 October (i) that the Department proposed to accelerate the passage of legislation to set a new legal framework for the discount rate and consequently did not intend to set an ‘interim’ rate using the 1996 Act and (ii) that Members’ (MLAs) initial view was to resist accelerated passage. The view among MLAs looks now to have hardened against accelerated passage for the new Bill, which could be a real problem for the DoJ in delivering a rate based on a new framework in the second half of next year.Continue reading
Officials from the NI Department of Justice gave evidence this afternoon on the way forward following consultation over the summer on the mechanism for setting the personal injury discount rate. There are two significant developments:
- First that the officials indicated that on balance the Department had concluded it would not proceed to reset the existing rate based on the 1996 Act, ILGS yields and Wells v Wells.
- Second is that the Department will seek to introduce legislation quickly to deliver a new legal framework for setting the discount rate.
The Northern Ireland Department of Justice NI today issued, as had been expected before the summer break, a consultation paper on changing the legal framework by which the personal injury discount rate (PIDR) may be set. By coincidence, the consultation follows only a week after a similar exercise was launched by the Justice Department in Dublin.