Today the government announced a change in the discount rate from 2.5% to -0.75%.
This has a major impact upon the way that schedules for future loss are calculated.
The practical steps that need to be taken include:
- Check and revise any existing schedules of damages that have any element of future loss. The change in the discount rate could have a major impact on the claim for future loss.
- Rebmark have drafted a new set of tables – Ogden 7 – Using New Discount Rate V2. This is available from their website – here
- Remember if this re-calculation is going to involve the parties in additional work it is prudent to consider applying to revise the costs budgets.
- In some cases the change in the multiplier may impact upon the overall value of the claim and an application will be needed to amend the value and (probably)…
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