- Changes to discount rates for PI awards—settle now or later?
- Original news
- What impact will the Odgen rate changes have on the various aspects of PI claims?
- What are some of the procedural/tactical considerations lawyers will face following the changes?
- What does this change mean for Roberts v Johnstone?
- Any practical tips for lawyers advising in this area and what they should do now?
Personal Injury analysis: From 20 March 2017, the Odgen discount rate used to calculate future loss in personal injury cases was dramatically reduced from 2.5% to -0.75%. The reduction will have the effect of substantially increasing the value of personal injury (PI) awards, especially where the loss takes place over an extended period. David Simpson, partner and head of clinical negligence at Coles Miller Solicitors LLP and David Bott, senior partner at Bott & Co Solicitors, say that all existing Part 36 offers should be reviewed to guarantee a reasonable settlement figure. However, with the Ministry of Justice launching a consultation on the future of the PI discount rate on 30 March 2017, uncertainty looks set to reign for some time yet.
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