Discount rate timeline

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

Ministry of Justice to prepare and publish its response to the call for evidence

Call for evidence in England and Wales closes

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

Northern Ireland discount rate of -1.5% comes into effect

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

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

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

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

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

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

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

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

Commencement of the first discount rate review in England and Wales

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

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

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

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

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

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

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

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

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

Discount rate is set at 2.5% for the United Kingdom