Commenting on today's MoJ announcement of an open consultation on how a dual/multiple personal injury discount rate might work, and what its effects on claimants and defendants might be, Matthew Maxwell Scott, executive director of ACSO, said:
"It is understandable that ministers may want to apply dual or multiple rates, as exist in some other international jurisdictions, to reflect the nature and duration of the most serious injuries. However, it is essential that the needs of catastrophically injured people are first and foremost in ministers' minds, and that this does not turn into a cost saving exercise that benefits the balance sheets of compensators. The review of the discount rate as a whole, starting in July 2024, is looming large on the horizon. Those involved in civil justice must take account of the risk of delayed settlements in anticipation of a significant change in the rate following the statutory review."