Summary
The Department of Justice has launched a consultation, seeking views on whether, and if so, how, there should be more flexibility in how the impact of inflation is allowed for by the Government Actuary when reviewing the personal injury discount rate.
Documents
- Personal injury discount taking account of inflation consultation document
- Personal injury discount taking account of inflation questrionnaire
- Personal injury discount taking account of inflation equality screening document
- Personal injury discount taking account of inflation rural needs impact assessment
Consultation description
In summary, the paper first asks if, in principle, the Damages Act 1996 should provide more flexibility in relation to how the impact of inflation is to be taken into account by the Government Actuary when setting the discount rate.
It then asks for views on two options for providing more flexibility:
(i) prescribing an index (such as CPI) in the 1996 Act, with the ability for the rate-setter to apply an adjustment to that index; and
(ii) prescribing both an index and an adjustment (e.g. CPI +0.5%) in the 1996 Act, with the ability for the Department (subject to the approval of the Assembly) to amend either element by secondary legislation.
We welcome views from everyone with an interest in personal injury litigation.
Responding to the consultation
Responses to the consultation can be submitted using the questionnaire provided on the Department’s website or via Citizen Space on the NI Direct website at: https://consultations.nidirect.gov.uk/doj/doj-consultation-the-personal-injury-discount-rate
For a copy of the consultation in an alternative format, please email us at: DoJCivilJusticeandJudicialPolicyDivision@justice-ni.gov.uk