Commenting on references to the impact of the recent reduction in the Discount Rate in today’s Budget, Huw Evans, Director General of the Association of British Insurers, said:
“Today’s Budget confirms a massive £6 billion hit to the NHS caused by the Lord Chancellor’s decision to cut the personal injury Discount Rate to -0.75%. This extraordinary bill for taxpayers - bigger than any other in this budget - shows how absurd this avoidable decision was. The OBR has also confirmed today that this will lead to higher inflation for years to come as the effects of such a massive increase in claims costs are felt by customers. This makes it even more urgent that the Government deliver a fair deal for consumers and claimants by bringing forward changes to the law this year.”
Find out more about the Discount Rate here.
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Notes for Editors
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