Government’s proposed changes could bring Ogden rate up to 0-1%
New framework would see the discount rate reviewed every three years.
The Lord Chancellor and Justice Secretary, David Lidington, has unveiled measures to change the way the discount rate – also known as the Ogden rate – is calculated.
The changes would have to be approved by Parliament but if the new system were in force today the rate might be in the region of 0% to 1%.
In February Liz Truss, who was Lord Chancellor at the time, moved the Ogden rate from 2.5% to minus 0.75% effective from March.
The decision led to widespread criticism from the insurance
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