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
- Three insurance firms on FSCS insolvency list
- Blanc expects Goldman Sachs to invest in Aston Lark for 'at least five years'
- Aston Lark confirms Goldman Sachs investment deal
- Gibraltar insurer, Lamp, goes into liquidation amid insolvency
- Aviva continues to top Brokerbility members survey
- Aspen Risk Management to be placed in runoff
- Blog: The DNA of brokers is changing