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Ahead of the advice curve

Ahead of the Lord Chancellor’s announcement, Megan Lafferty takes us through the practical considerations of a change in the Discount rate for personal injury claims

28 February 2017

In the face of legal action from the Association of Personal Injury Lawyers, the government is set to announce the result of its review of the discount rate for personal injury claims.

The rate has been set at 2.5 per cent since 2001. It is intended to reflect the net real return on the investment of damages based on yields from index-linked government stock. However, due to the low rate of return on investments, it has been argued that the current rate is too high, leading to injured people being undercompensated.

The government’s announcement was scheduled to be made on 31 January 2017. However, on 27 January 2017, the Lord Chancellor advised the review has taken longer than anticipated. In light of this, no announcement has been made but she ‘remains committed’ to making an announcement in February 2017. As yet, a date has not been scheduled.

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