§ Mr. Dismore
To ask the Parliamentary Secretary, Lord Chancellor's Department when the Lord Chancellor proposes to set a discount rate under the Damages Act 1996; and if he will make a statement.
§ Mr. Wills
The Lord Chancellor has today laid before Parliament an Order under section 1 of the Damages Act 1996 setting the discount rate at 2.5 per cent. This rate will come into effect on 28 June 2001.
The Lord Chancellor's reasons are set out in the document "Section 1 of the Damages Act 1996: Reasons for Decision", copies of which have been placed in the Libraries of both Houses.