Ogden: A two-decade strait jacket

The decision of Lord Chancellor and Justice Secretary Liz Truss
to push the discount rate to minus 0.75 percent stems from a 1999
House of Lords ruling that predates the dotcom crash, the
subsequent bull market and the ensuing credit crisis - and that
critics say has little relevance today.
The Wells vs Wells ruling, which refined the 1996
Damages Act, assumed that victims of life-altering accidents would
be risk-averse investors.
Well before the era of ultra-low and even negative...