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PI and Civil Litigation

Law - practice - procedure

28 AUG 2014

Further Delay on Discount Rate Decision

Further Delay on Discount Rate Decision
The Lord Chancellor is to appoint a panel of financial investment experts to advise him on any future changes to the discount rate that is applied to compensation awards in personal injury cases.

The decision comes almost two years after the closure of the consultation on the issue and has been met with strong criticism from the Association of Personal Injury Lawyers. John Spencer, President of APIL, commented:

“Rather than just review the rate as promised, and as he should, the Lord Chancellor has now decided to delay the process further by recruiting a panel of experts to help him. Establishing a panel just creates yet another delay while the Ministry of Justice is seen to be doing something. Meanwhile, injured people continue to have their damages unfairly docked by a discount rate which was set 13 years ago when the financial markets were very different.”
It is expected that the panel will report back to the Lord Chancellor in Spring 2015, but no timetable has been published setting out how long a decision on the discount rate will take.

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