Inflation meaning

This Checklist outlines the Guideline Hourly Rates (GHR) across periods from 1 October 2021 through 31 December 2023, and the current figures, which were adjusted for inflation on 1 January 2026. From 2024, the GHR are uplifted each year for inflation in line with the Services Producers Price Index. The 2021 Guide remains pertinent for practitioners as it explains the purpose and approach to GHR. At paragraph 28, it states that GHR provide a baseline for summary assessment and can also sensibly inform detailed assessment. The rate applied will also turn on the fee earner’s grade and location, for example whether a Grade A working in London or outside London. For principles and the courts’ approach, see Practice Note: Guideline hourly rates. GHR from 1 January 2026 Grade A - Solicitors and legal executives with over eight years’ qualified experience London 1: £579 London 2: £422 London 3: £319 National 1: £295 National 2: £288 ...

Statutory minimum increase rates The summary below sets out the current statutory minimum uplift that occupational pension schemes must apply each year to each tranche of pension. Period of pensionable service to which the pension relates (or, for money purchase benefits, the period in which contributions were paid): Before 6 April 1997 — no statutory minimum increase. However, to refund surplus assets to a sponsoring employer under the Social Security Pensions Act 1975, s 58A, it was necessary (until 5 April 2006) to revalue all pensions in payment (excluding GMPs and money purchase benefits) annually in line with RPI, capped at 5%. Despite the absence of a statutory minimum, most defined benefit schemes provide some pre-1997 indexation under scheme rules or as a discretionary benefit. As at March 2023, research indicates that only 17% of members of private sector defined benefit schemes receive no pre-1997 indexation on benefits. There have been calls on the government to legislate to mandate inflation-linked increases to pensions...

Insurance M&A hits ten-year low amid political uncertainty The law firm reported that 346 insurance sector deals were completed worldwide in 2023, a decline from 449 recorded in the previous year. It was also the weakest tally seen since 2013, when 19 transactions were signed. Peter Hodgins, a partner at Clyde & Co LLP, noted that, for many insurers, it is increasingly difficult to secure finance for deals as companies across the globe wrestle with inflation...

In this issue: Cases and decisions Insurance types UK regulation EU regulation International regulation Financial crime and sanctions Cases tracker Dates for your diary Daily and weekly news alerts LexTalk®Insurance: a Lexis®Nexis community Cases and decisions Makin (by his mother and litigation friend) v The Restaurant Muse Ltd and others This appeal arose from a dispute about policy coverage. The court concluded that: The insured (Second Defendant) did not meet the policy’s notification requirements by failing to promptly inform the insurer (Third Defendant) of the incident and ensuing claim. Those notification provisions were conditions precedent to cover, allowing the insurer to refuse indemnity due to the breach. The prior judgment fixing the insured’s liability to the Claimant bound the insurer under the Third Parties (Rights Against Insurers) Act 2010. See: [2025] EWHC 895 (KB). Insurance types Marine A broker cautioned...

In this issue: Road traffic accidents Employer’s liability Evidence and disclosure Civil procedure rule committee minutes Other PI and Clinical negligence news LexTalk®PI & Clinical Negligence: a Lexis®Nexis community Daily and weekly news alerts LexisNexis® Webinars Useful information Road traffic accidents Draft regulations introduced to increase whiplash compensation tariffs The Ministry of Justice has presented the draft Whiplash Injury (Amendment) Regulations 2025 to Parliament, suggesting a 15% uplift to the fixed-tariff awards for whiplash lasting up to two years. Subject to parliamentary approval, the revised figures will take effect for injuries sustained on or after 31 May 2025. The adjustment reflects Consumer Prices Index movements since 2021 and builds in an inflation cushion through to 2027. The 2021 tariff will continue to govern accidents before 31 May 2025. See: LNB News 21/03/2025 32 and LNB News 21/03/2025 22. Court allows the Commissioner of the Police for the Metropolis to be added...

Business In periods of economic unpredictability (eg arising from high inflation and/or wider instability), organisations frequently cut costs. This can involve shedding contractual obligations and resolving legal disputes, but also purchasers seeking to withdraw from deals—for example, where a business or asset acquisition that seemed compelling to a buyer a couple of years or even months earlier becomes far less attractive. Yet unpicking an acquisition is rarely straightforward and, if not managed with care, can produce unforeseen tax consequences. This Practice Note outlines the tax issues that may emerge where a business or asset sale is unwound after signing and after certain assets and liabilities have already been transferred. It proceeds on the assumption that the buyer and seller are unconnected, are both UK tax resident, and are large corporate entities. For detail on the tax considerations relevant to undoing a share sale, see Practice Note: Unwinding a share sale—key tax consequences. For discussion of tax considerations relevant to an asset sale—many of which also apply when reversing an...

This Practice Note presents illustrative examples of how the court applies the guideline hourly rates (GHR). The GHR are benchmark figures used for the summary assessment of costs, set out by pay band and grade of fee earner across different regions of the country. While conceived as a launching point for judges conducting a summary assessment, the GHR are frequently treated as the initial reference for fixing hourly rates on a detailed assessment. The current GHR have been effective from 1 January 2026 and were uplifted to reflect inflation. Earlier GHR applied during these periods—1 January 2025 to 31 December 2025, 1 January 2024 to 31 December 2024, and 1 October 2021 to 31 December 2023. Before 1 October 2021, there had been no revision since 1 April 2010. This Practice Note collates sample decisions demonstrating the court’s use of the GHR. It is arranged into sections: It offers illustrative rulings on the court’s application of the GHR in practical costs assessments nationwide. cases where the court...

This Tracker reviews the Guideline Hourly Rates (GHR). These are the figures the court looks to, on summary assessment, to decide whether a solicitor’s hourly charges are reasonable for civil and commercial work. A series of reviews has taken place and is summarised below. Uplift to GHR on 1 January 2026 The Master of the Rolls (MR) confirmed that from 1 January 2026 the GHR will be adjusted for inflation in line with the Services Producer Price Index (SPPI). For further information, see: LNB News 02/01/2026 10—Master of the Rolls updates solicitors’ guideline hourly rates for 2026. Uplift to GHR on 1 January 2025 The GHR rose for inflation on 1 January 2025 in accordance with the SPPI. For more detail, see: LNB News 02/01/2025 32—Master of the Rolls announces update to Guideline Hourly Rates. Uplift to GHR on 1 January 2024 The GHR were uplifted for inflation on 1 January 2024 in line with the SPPI. The GHR are adjusted annually to reflect...