Northern Ireland discount rate bill completes final stage

8th December 2021

The Damages (Return on Investment) Bill now awaits Royal Assent having passed the Final Stage in the Northern Ireland Assembly on 7 December.  The Bill provides the framework and methodology to review the rate, which was amended to -1.75% as an interim measure from 31 May 2021 having been unaltered since 2001.

Once it has been enacted, the Government Actuary will commence a review of the rate within 90 days.  The Department for Justice has already commenced some preliminary work and hopes the review will be completed sooner than 90 days.