Court of Appeal case on statutory interest rate
On 15th October 2015, the Court of Appeal handed down its decision in Oyesanya v Mid-Yorkshire Hospital NHS Trust  5 Costs LR 911. The Court noted that CPR r12.6 provided an entitlement to interest up to the judgment rate on a default judgment. However, the convenience of using the Judgments Act 1838 rate of 8% was so much in excess of the rate generally awarded as to make it inappropriate. The default position in a commercial case is to award 1% above Base Rate unless that would be unfair in either direction.