In England and Wales, the discount rate changed from –0.75% to –0.25% in August, prompting insurance lawyers to express concern about the cost to public bodies.
Julian Chamberlayne, chairman of the Forum of Complex Injury Solicitors (FOCIS) said: ‘The government actuary, Martin Clarke, has set the new discount rate in Scotland and guess what? It is staying at –0.75%.
‘In doing so Mr Clarke—adopting the new approach required by the Damages (Investment Returns and Periodical Payments) (Scotland) Act 2019—has made a 0.5% adjustment to reduce the proportion of seriously injured claimants who will be undercompensated. Conceptually this is the same type of adjustment recommended by the Government Actuary's Department which was adopted by the Lord Chancellor in the summer when setting the rate in England and Wales.’
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