Policy paper

Green Book discount rate review 2026

This page contains the documents relating to the 2026 review of the Green Book discount rate.

From:
HM Treasury
Published
16 December 2025
Last updated
30 June 2026 — See all updates

Documents

Review of discounting in the Green Book: Terms of Reference

HTML

Green Book Discount Rate Review: Summary of Findings and Recommendations

PDF, 429 KB, 15 pages

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Green Book Discount Rate Review: Technical Annexes

PDF, 4.02 MB, 245 pages

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Details

The Green Book is the UK government guidance on appraisal, the process of assessing the costs, benefits and risks of different options for achieving government objectives. During the appraisal process, the benefits and costs of shortlisted options are adjusted for the time value of money using the discount rate. HM Treasury undertook a review of the Green Book in 2025. The review identified concerns from several stakeholders about the Green Book approach to discounting. HM Treasury subsequently committed to commissioning a new, independent review of the Green Book’s approach to discounting. Information relating to this review can be found on this page.

Updates to this page

Published 16 December 2025
Last updated 30 June 2026 — Show all updates

  1. ‘The conclusions of the independent review of the Green Book discount rate have now been published on this page.’

  2. First published.

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