Discount rate timeline

The personal injury discount rate (PIDR) is applied in the assessment of a lump-sum award for future financial losses, including future care costs, paid to a person who has suffered significant personal injuries. In practical terms, the lower the PIDR, the higher the lump sum payable to the claimant.

2024

15 Jul 2024

Next formal review of the discount rate in England and Wales must begin by this date

9 April 2024

Second Call for Evidence on the PIDR in England & Wales closed

16 January 2024

Second Call for Evidence on the PIDR in England & Wales launched

2023

End of 2023

Scottish Government and the Department of Justice in Northern Ireland to publish separate responses following a joint request for views on the PIDR systems published in June

Dec 2023

Second Call for Evidence on the PIDR in England & Wales expected

28 Nov 2023

MoJ hosts PIDR stakeholder event  

Nov 2023

PIDR in the Isle of Man increases from -0.25% to +1.%

11 Sep 2023

MoJ publishes its response to the PIDR Call for Evidence launched in January 2023

11 Jul 2023

Devolved administrations’ joint call for views closes

Jun 2023

Devolved administrations launch joint call for views on the PIDRs in Scotland and Northern Ireland

11 Apr 2023

Call for evidence in England and Wales closes

17 Jan 2023

Ministry of Justice issues a call for evidence on the introduction of dual or multiple rates in England and Wales

2022

22 Mar 2022

Northern Ireland discount rate of -1.5% comes into effect

2 Feb 2022

In Northern Ireland, the Damages (Return on Investment) Bill receives Royal Assent

2021

31 May 2021

Department of Justice in Northern Ireland brings forward secondary legislation changing the rate, on an interim basis, to -1.75%

2020

Jun-Oct 2020

Public consultation seeking views on how the rate should be calculated in Northern Ireland

2019

28 Sep 2019

Deadline for the Government Actuary Department to recommend a new discount rate in Scotland

27 Sep 2019

The Government Actuary announces that the discount rate in Scotland is to remain at -0.75%

5 Aug 2019

New discount rate of -0.25% in force in England and Wales

15 Jul 2019

Lord Chancellor announces the new discount rate of -0.25% in England and Wales

24 Apr 2019

Damages (Investment Returns and Periodical Payments) (Scotland) Act 2019 receives Royal Assent – starting the process for the discount rate review in Scotland

19 Mar 2019

Commencement of the first discount rate review in England and Wales

Feb 2019

Damages (Jersey) Law in force – introduced a new dual discount rate in Jersey

30 Jan 2019

End of ‘call for evidence’ on setting the new discount rate in England and Wales

2018

20 Dec 2018

Civil Liability Act 2018 receives Royal Assent – starting the process for the first discount rate review in England and Wales

6 Dec 2018

Commencement of ‘call for evidence’ on setting the new discount rate in England and Wales

2017

11 May 2017

End of consultation on how the discount rate should be set in the future

30 Mar 2017

Commencement of the consultation on how the discount rate should be set in the future in the United Kingdom

20 Mar 2017

Discount rate is reduced to -0.75% for Great Britain (Northern Ireland continues to apply the rate of 2.5%)

2013

7 May 2013

End of consultation on the review of the Damages Act 1996 and the discount rate review framework in the United Kingdom

17 Feb 2013

Commencement of consultation on the review of the Damages Act 1996 and the discount rate review framework in the United Kingdom

2001

2001

Discount rate is set at 2.5% for the United Kingdom