MOJ defends discount rate decision
The government hits back at criticism from the ABI pointing out a rate of between 0-1% was never guaranteed.
In response to the Association of British Insurers (ABI) letter sent to Lord Chancellor, David Gauke the government has strongly defended its decision to increase the Ogden discount rate to -0.25%.
A Ministry of Justice spokesperson said: “We appreciate that insurers feel the change does not go far enough but the rate was set following extensive consultation and we have been consistently clear that 0-1% was not an estimate and should not be used as such.”
The ABI said in the letter to Gauke that
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