The Lord Chancellor will today confirm that the Discount Rate in England and Wales will be set at -0.25% following the completion of the review process set out within the Civil Liability Act.
The new rate will take effect on 5 August 2019.
The next review will need to be concluded within a five-year review per the methodology set out within the Civil Liability Act.
A statement from the Lord Chancellor confirmed that the Government Actuary had provided analysis on a potential dual rate – similar to that recently established in Jersey - but concluded that a single rate remains the most satisfactory method.
A full statement of reasons and an impact assessment regarding the decision are due to be published.
A further update setting out the implications of this decision will follow.