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: 28 October 2026 — See all updates

Documents

Review of discounting in the Green Book: Terms of Reference

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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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Green Book Discount Rate Review: HM Treasury response

PDF, 283 KB, 19 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 costs and benefits 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. This page contains documents relating to that review, including its findings and recommendations, as well as HM Treasury’s formal response.

• Last updated: 28 October 2026
  Show all updates

  1. 28 October 2026

     HMT response added.

  2. 30 June 2026

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

  3. 16 December 2025

     First published.