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Determination of the Personal Injury Discount Rate

02 December 2024

Proposing MP
Shabana Mahmood Lab
Birmingham Ladywood
Type
Written Ministerial Statement
Department
Ministry of Justice
View on Parliament.uk -->

At a Glance

Issue Summary

The statement addresses the determination and change of the Personal Injury Discount Rate for personal injury lump sum compensation payments in England and Wales.

Action Requested

The Minister has laid a Statutory Instrument to set the discount rate at 0.5%, effective from January 11, 2025, as required by the Damages Act 1996 and Civil Liability Act 2018.

Key Facts

  • The new Personal Injury Discount Rate is set at 0.5%.
  • The rate will come into force on 11 January 2025.
  • The decision was made following a review process including consultation with HM Treasury and an independent Expert Panel, as well as responses to two recent Calls for Evidence.
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