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• New Government review could lead to better deal for injury victims

New Government review could lead to better deal for injury victims.

11th November 2010

New Government review could lead to better deal for injury victims.

The Government has announced it’s to review an interest level - known as the discount rate – which can affect how much compensation an injured claimant can receive.

Neil Hudgell, no-win no-fee solicitor and member of The Association of Personal Injury Lawyers (APIL), has welcomed the Lord Chancellor’s agreement to a review of the discount rate.

The discount rate is used to calculate the amount deducted from an injured person’s compensation to account for any income they may receive from investing their damages.

The rate was set at 2.5% by the (then) Lord Chancellor in 2001, with the calculation based on yields generated by index-linked government stock (ILGS).

Since then yields on ILGS have gradually declined, according APIL president, Muiris Lyons, who believes that over the last three years the average gross yield has been less than 1%.

Mr Lyons commented: “For years now, injured people have been undercompensated because of the previous Government’s failure to review the discount rate in light of economic changes.”

He adds: “Our hope now is that the Lord Chancellor’s review proceeds quickly and redresses this imbalance which has had such an impact on injured people for so long.”

Neil Hudgell says: “The current economic climate is challenging for everyone. I am fully behind any move to enable claimants, especially those who prudently invest their compensation, to receive more of the money to which they’re entitled.

“Any decision upon the discount rate would most affect those who have sustained serious injury and disability which alters their life and also their capacity to work as they once did, or those who require long term medical and nursing care. It is to be hoped that the discount rate is reduced as soon as possible to provide more fully for them and also provide them with the peace of mind that their future needs can be met.”

http://www.insurancedaily.co.uk/2010/11/10/personal-injury-discount-rate-to-be-reviewed/

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